(Ecofin Agency) - Bannerman Resources, active on Etango uranium project in Namibia, announced today June 8 it will raise A$8 million to develop the mine. The company received commitments from institutional and sophisticated investors for the placement of 173.9 million new shares at A$0.046 each.

“I am delighted with the strong level of support shown from existing shareholders in the equity raising. I am also pleased to welcome more than a dozen new institutional investors to the Bannerman register,” CEO Brandon Munro (photo), said.

Specifically, the money will be used to further optimize the project, by speeding up the ongoing definitive feasibility study update and continuing product marketing. It will also help meet the company’s working capital needs.

Update estimates showed that the project, 95%-owned by Bannerman, is expected to annually produce 7.2 million pounds of uranium oxide over a 15-year mine life.

Louis-Nino kansoun