Bannerman Energy has secured firm commitments to raise approximately A$85m ($56.54m) through a two-tranche placement of new shares.

This funding is earmarked for the advancement of the company’s Etango-8 project, which includes detailed design and early construction works.

The first tranche will see the issuance of 22,927,010 new shares, generating around A$75.7m.

Pending shareholder approval, the second tranche will contribute an additional A$9.3m through the issuance of 2,830,765 new shares.

The capital raised will be allocated to Etango-8’s detailed design work, early construction infrastructure, earthworks and procurement of selected long-lead items. It will also meet general working capital needs.

The new shares are priced at A$3.30 each and offered to a mix of new and existing institutional and sophisticated investors.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Bannerman executive chairman Brandon Munro said: “Proceeds from this placement will enable us to further progress our Etango-8 project, following positive outcomes from the recently announced front end engineering and design (FEED) and control budget estimates (CBE) processes, which confirmed the high quality of technical evaluation and design from the December 2022 definitive feasibility study (DFS).

“We have commenced detailed design work and early works construction, and the placement will enable us to advance further works including the procurement and manufacturing of select long-lead items, product marketing and project financing activities. These activities are all directed towards advancing Etango to a targeted positive final investment decision (FID) during H2 2024.

“We are excited by the support that we have received from investors for both our Etango-8 development pathway and the approach the company has taken to stewarding this asset into the rapidly strengthening uranium market environment. I would also like to welcome our new shareholders through the raising and look forward to building a strong relationship with them.”