Bannerman Resources (ASX:BMN; NSX:BMN) key shareholder, Resource Capital Fund, has further increased its position in the company and now holds a 33.58% stake.
The increase in holding came from participation in the Tranche 2 placement.
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.
Etango is located near Rio Tinto's (ASX:RIO) Rössing uranium mine, Paladin Energy's (ASX:PDN) Langer Heinrich uranium mine and China General Nuclear Power Corp’s Husab uranium mine.
Bannerman recently commenced a definitive feasibility study update.