Bannerman Energy plans to spend N$1.6 billion (A$140 million) – N$980 million (A$85 million) from the single tranche placement announced on June 26 and N$635 million (A$55 million) from reserves – to progress the Etango Project towards the final investment decision.
The Etango Uranium Project is in the Erongo Region of Namibia, 30 kilometres southeast of Swakopmund.
It possesses a world-class uranium Mineral Resource endowment of 207 million Pounds of contained U3O8 (100 ppm U308 cut-off).
Bannerman raised N$980 million (A$85 million) from issuing a single-tranche placement of approximately 26.6 million shares to advance its flagship Etango Project towards a positive Final Investment Decision (FID).
The company wants to use A$64 million towards construction ahead of the final investment development, A$40 million for infrastructure costs related to construction, water, and power, and then A$36 million for general working capital and placement costs.
Bannerman Managing Director and CEO Brandon Munro said that the collective scale and quality of the participating investors is a strong endorsement of the 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,” Munro said.
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