Bannerman Energy has completed a fully underwritten N$1.43 billion (A$124 million) share placement to fund the development, construction and ramp-up of its Etango Uranium Project in Namibia.
The Australian-listed uranium developer said the placement attracted strong demand from existing shareholders as well as new domestic and international institutional investors.
The capital raising involved the issue of approximately 31 million new shares at N$46.16 (A$4.00) per share.
Bannerman said proceeds from the placement, together with its existing cash, expected subscription and reimbursement payments from CNNC Overseas Limited (CNOL), and CNOL’s pro-rata working capital contributions, are expected to fully fund Etango through construction and ramp-up.
Bannerman Executive Chairman Brandon Munro said the successful capital raising had removed the company’s final funding hurdle ahead of a Final Investment Decision (FID), targeted for the fourth quarter of 2026.
“This capital raising resolves the last funding hurdle for Bannerman as we move towards a Final Investment Decision on the Etango uranium mine and progress to becoming a major new greenfield uranium producer,” Munro said.
“With Etango construction now fully funded, with no debt, a world-class partner and with all of our working capital obligations backed by a strong balance sheet, Bannerman is exceptionally well positioned for the next phase of development.”
Bannerman is also undertaking a non-underwritten Share Purchase Plan (SPP) targeting a further N$115.4 million (A$10 million) from eligible shareholders in Australia and New Zealand.
If fully subscribed, the placement and SPP would raise approximately N$1.55 billion (A$134 million).
The SPP is scheduled to open on 18 September and close on 2 October 2026, with the results and issuance of shares expected on 9 October.
Settlement of the institutional placement is expected on 15 September, with the new shares scheduled to be allotted on 16 September. Bannerman shares resumed trading on the Australian Securities Exchange on 10 September.
The capital raising comes after Bannerman confirmed that all conditions precedent to its strategic investment and joint venture agreement with CNOL for the funding, development and operation of Etango had been satisfied or waived.
The funding puts Bannerman on track to make a final investment decision on Etango in the fourth quarter of 2026 as it advances the Namibian uranium project towards full-scale construction.
