Bannerman to raise A$85m to advance Etango to an investment decision
Australian- and Namibian-listed uranium development company Bannerman Energy has received firm commitments for a single tranche placement of about 26.6-million new fully paid ordinary shares to new and existing institutional and sophisticated investors at an issue price of A$3.20 apiece to raise gross proceeds of about A$85-million.
The proceeds will, along with existing cash of about A$55-million, be used to fund construction activities, infrastructure costs and general working capital as the company advances its flagship Etango project, in Namibia, towards a positive final investment decision.
Bannerman plans to spend about A$64-million on construction activities at the mine, including earthworks and design, as well as a further A$40-million for infrastructure costs pertaining to construction, water and power.
The balance of A$36-million will be used for general working capital and the costs of the placement.
"Our enhanced balance sheet strength is a powerful enabler for us to execute our streamlined strategy of financing and constructing Etango. Against the backdrop of improving sector sentiment and nuclear utility activity, we will continue taking measured steps towards realising the company’s opportunity to deliver uranium into a sector pinch-point,” comments chairperson Brandon Munro.
A 2022 definitive feasibility study on the Etango-8 project confirmed strong technical and economic viability of conventional openpit mining and heap leach processing of the Etango deposit at throughput of about eight-million tonnes a year to produce about 3.5-million pounds of uranium octoxide (U3O8).
A March 2024 scoping study demonstrated the capacity to expand annual production to 6.7-million pounds a year of U3O8.
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