Funds raised from the placement along with existing cash, will be primarily used for internal and external engineering designed to assess and quantify opportunities to reduce operating and capital cost estimates at the wholly-owned Etango project in Namibia.
These costs have arisen from the company’s successful heap leach demonstration program.
Etango is located near Rio Tinto (ASX:RIO) Rössing uranium mine, Paladin Energy (ASX:PDN) Langer Heinrich uranium mine and China General Nuclear Power Corp’s Husab uranium mine.
Bannerman recently commenced a definitive feasibility study update.