08/06/2018 - 14:39

Bannerman raises $8m

08/06/2018 - 14:39

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Uranium-focused Bannerman Resources has announced an $8 million capital raising to fund further studies on its Etango project in Namibia.

Bannerman raises $8m
Bannerman has completed a definitive feasibility study for it Etango uranium project.

Uranium-focused Bannerman Resources has announced an $8 million capital raising to fund further studies on its Etango project in Namibia.

Under the placement, the company has issued 173 million shares at 4.6 cents each, representing a 9.2 per cent discount on the company’s 10-day volume-weighted average price.

Euroz Securities and Morgans Corporate acted as co-managers to the placement.

Proceeds from the raising will be used to progress the definitive feasibility study update at Etango.

“I am delighted with the strong level of support shown from existing shareholders in the equity raising,” chief executive Brandon Munro said.

“I am also pleased to welcome more than a dozen new institutional investors onto the Bannerman register.”

Shares in Bannerman finished down 7 per cent at 5.3 cents each.

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