Bannerman Energy Ltd has raised approximately N$981 million (A$85 million) through a single-tranche placement to fast-track development of its Etango Uranium Project in Namibia’s Erongo region.
The company issued 26.6 million new shares at N$36.93 (A$3.20) per share. The placement was strongly backed by both existing and new institutional investors.
“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,” said Bannerman Executive Chairman Brandon Munro.
“The collective scale and quality of the participating investors is a strong endorsement of our Etango uranium project and corporate strategy.”
Munro said the capital injection will push the company’s cash reserves to around N$1.6 billion (A$140 million) before costs.
Of the total raised, N$738 million (A$64 million) will go towards early construction work, including earthworks and design.
A further N$462 million (A$40 million) will be spent on infrastructure such as water and power, while N$415 million (A$36 million) is allocated for working capital and placement costs.
“Our enhanced balance sheet strength is a powerful enabler for us to execute our streamlined strategy of financing and constructing Etango,” Munro said.
“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.”
The new shares will be issued under ASX Listing Rule 7.1, with settlement expected on 2 July 2025 and allotment the following day.
The placement was led by Canaccord Genuity (Australia), Shaw and Partners, and Jett Capital Advisors, with additional support from Euroz Hartleys and Wallabi Group.
The Etango project remains on track for a Final Investment Decision, with pre-construction activities continuing.
