Bannerman completes A$85m placement to advance Etango project

Bannerman Energy Ltd (JSE:BMN) has successfully completed an A$85.0 million placement to advance its Etango Project towards a positive Final Investment Decision (FID). The placement involves approximately 26.6 million new fully paid ordinary shares at a price of A$3.20 per share, attracting both new and existing institutional investors. The firm commitments received are slated to fund construction activities, infrastructure costs, and general working capital requirements. Post-placement, Bannerman anticipates cash reserves of approximately A$140 million before costs. In a related announcement, Bannerman Energy proposed issuing 26,562,50 additional ordinary fully paid securities under the stock code BMN, scheduled for July 3, 2025. This is detailed in Appendix 3B.