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Bannerman Energy Raises AU$124 Million via Share Placement

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Bannerman Energy (ASX:BMN) received firm commitments to raise AU$124 million through the issue of 31 million new shares at an issue price of AU$4 apiece, according to a Thursday filing with the Australian bourse.

The company is also undertaking a non-underwritten share purchase plan to raise up to AU$10 million at the same terms as the placement, the filing said.

Proceeds will be used to fund the Etango project in Namibia through construction and ramp-up, per the filing.

The company's shares shed about 1% in recent Thursday trade.

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