Bannerman Energy (ASX:BMN) said all conditions precedent to the completion of its investment and joint venture agreement with CNNC Overseas related to the Etango uranium project in Namibia have been satisfied or waived, according to a Wednesday filing with the Australian bourse.
Completion of the associated share subscription agreement and execution of the deal for the joint venture, which will be formed through Bannerman's UK subsidiary, is expected to take place before the end of September, per the filing.
In a separate same-day statement, Bannerman said it launched a fully underwritten placement to raise AU$124 million at AU$4 per share. Proceeds from the placement are expected to fully fund the company's share of working capital required for the Etango project's construction and ramp-up.
In addition to the placement, Bannerman will also conduct a non-underwritten share purchase plan to raise up to AU$10 million, it said.