The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Bannerman Resources (BMN) has successfully tapped investors for an extra $12 million in funding for its Etango-8 Uranium Project
  • The company first signalled its plans to raise capital when it entered a trading halt on Tuesday, February 9
  • The materials stock has since announced it will issue more than 114 million BMN shares at 10.5 cents each as part of a placement
  • That price represents a 12.5 per cent discount to the last closing price of Bannerman’s shares on February 8
  • Amongst the investors taking part in the placement was existing shareholder Tribeca Investment Partners, a specialist uranium investor
  • Most of the funds raised from the $12 million placement will go towards advancing Etango-8’s pre-feasibility study
  • Shares in BMN have begun trading again, ending the day up 8.33 per cent at 13 cents each

Bannerman Resources (BMN) has successfully tapped investors for an extra $12 million in funding for its Etango-8 Uranium Project.

The resources company first signaled its plans to raise fresh capital when it entered a trading halt on Tuesday, February 9.

The materials stock has since come out of the halt and announced a placement, which will see it will issue over 114 million BMN shares at 10.5 cents each.

The share price for the placement represents a 12.5 per cent discount to the last closing price of Bannerman’s shares on Monday, February 8.

Most of the funds raised from the $12 million placement will go towards advancing Etango-8’s pre-feasibility study, which is due to be completed in June.

The cash will also be used on the project’s planned definitive feasibility study, as well as for general capital purposes.

Amongst the investors taking part in Bannerman’s placement was existing shareholder Tribeca Investment Partners, a specialist uranium investor.

“The strong support from existing and new institutional investors evidences the quality of Bannerman’s Etango-8 Uranium Project, and the transformational effect this streamlined development approach has had on the company,” BMN CEO Brandon Munro said.

“I am grateful for the continued support of our existing shareholders, most notably Tribeca Investment Partners. I am also pleased to welcome a dozen new, high quality institutional investors onto the Bannerman register,” he added.

Euroz Hartleys Securities acted as Sole Lead Manager and Book Runner for the placement, which is expected to settle on Thursday, February 18.

Shares in Bannerman Resources have come out of their trading halt following today’s capital raise announcement.

Company shares ended Thursday’s session up 8.33 per cent at 13 cents each.

BMN by the numbers
More From The Market Online
ATO webpage

Ellison slapped with $20M sanction from MinRes but will stay on as leader – for now

Mineral Resources has unveiled its long-awaited corporate response to allegations surrounding its top dog Chris Ellison.
Image of a lump of gold

Augustus’ project pickup in ‘one of world’s greatest gold provinces’ stretches 1,345 sq. kms

Augustus Minerals Ltd has taken on a new project in Western Australia close to various functioning…
St George statue Moscow

St George Mining battles dragon of delay as Brazil niobium acquisition drags on

St George Mining has confirmed that it's facing more delays than it expected in acquiring a…
Image of a landscape in Papua New Guinea

St Barbara’s $110M capital raising to boost Simberi Sulphide Expansion in PNG

St Barbara Ltd is set to raise $110 million to fund its Simberi Sulphide Expansion in…