ASX-listed Bannerman Energy has received firm commitments for a single tranche placement of approximately 26.6 million new fully paid ordinary shares (New Shares) to new and existing institutional and sophisticated investors at an issue price of A$3.20 per New Share to raise gross proceeds of approximately A$85.0 million (Placement).
Highlights
- Firm commitments received for A$85.0 million Placement at A$3.20 per New Share.
- Placement strongly supported by existing shareholders and a selection of new, high-quality domestic and global institutional investors.
- New proceeds, together with existing cash, will be used to fund construction activities, infrastructure costs and general working capital as the Company advances its flagship Etango Project towards a positive Final Investment Decision (FID).
- Upon completion of the Placement, the Company expects to have cash reserves of approximately A$140 million (before costs).
Bannerman CEO Brandon Munro said: “We are delighted with the strength of the support from our existing register and the high quality of the new institutional shareholders that provided cornerstones for this Placement. The collective scale and quality of the participating investors is a strong endorsement of our Etango uranium project and corporate strategy. 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.”
