Bannerman Energy Ltd announces successful A$85.0m placement

Bannerman Energy Ltd (ASX: $BMN) has received firm commitments for a two-tranche placement of approximately 25.8 million new fully paid ordinary shares at an issue price of A$3.30 per share, raising gross proceeds of approximately A$85.0 million. The funds raised will be utilized for the development of the Etango-8 Project, including detailed design, early works, and general working capital. Following the completion of the Placement, the company anticipates having cash reserves of approximately A$100 million.

Executive Chairman, Brandon Munro, on the A$85.0m placement

Proceeds from this Placement will enable us to further progress our Etango-8 Project, following positive outcomes from the recently announced Front End Engineering and Design (FEED) and Control Budget Estimates (CBE) processes. We have commenced detailed design work and early works construction, and the Placement will enable us to advance further works including the procurement and manufacturing of select long-lead items, product marketing, and project financing activities. These activities are all directed towards advancing Etango to a targeted positive Final Investment Decision (FID) during H2 2024. We are excited by the support that we have received from investors for both our Etango-8 development pathway and the approach the Company has taken to stewarding this asset into the rapidly strengthening uranium market environment. We would also like to welcome our new shareholders through the raising and look forward to building a strong relationship with them.

Summary of Bannerman Energy's A$85.0m placement and outlook

Bannerman Energy Ltd has successfully secured a A$85.0 million placement, with the proceeds earmarked for the development of the Etango-8 Project, encompassing detailed design, early works, and general working capital. The company anticipates having cash reserves of approximately A$100 million post-placement. The Placement price of A$3.30 per share represents a 7.8% discount to Bannerman's last closing price on ASX. The company aims to utilize the funds to advance the Etango project towards a targeted positive Final Investment Decision (FID) during H2 2024. Bannerman's Etango Uranium Project, located in Namibia, has demonstrated strong technical and economic viability, positioning the company to capitalize on the strengthening uranium market environment. With all environmental approvals in place and a focus on ESG leadership, Bannerman is poised to make significant strides in the uranium development sector.