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- Uranium explorer Bannerman Resources (BMN) has entered a trading halt ahead of an upcoming capital raise
- So far, there are no details on how much the company is aiming to raise and where the funds will be spent
- Under the halt, company shares will be paused until Thursday, February 11, or until more information on the raise is released to the market
- During the December quarter, Bannerman progressed its pre-feasibility study for the Etango Project, which is expected to be completed in the June 2021 quarter
- On the market, Bannerman last traded at 12 cents per share on February 8
Bannerman Resources (BMN) has entered a trading halt ahead of an upcoming capital raise.
There is currently no details on how much the company is aiming to raise and where the funds will be spent.
The halt means company shares will be paused until Thursday, February 11, or until more information on the raise is released to the market, whichever comes first.
Bannerman is an exploration and development company, which is focused on uranium resources in southern Africa. The company has a 95 per cent interest in the Etango Uranium Project in Namibia.
During the December quarter, Bannerman progressed its pre-feasibility study for Etango, which is expected to be completed in the June 2021 quarter.
For the quarter, the company spent $322,000 on investing activities, with the majority of those funds going towards exploration and evaluation. At the end of the period Bannerman had just over $3 million in the bank.
“Bannerman has commenced 2021 exceptionally well positioned, with Etango-8 progressing smoothly through the feasibility process, uranium deficits widening and barriers to future mine supply remaining high,” CEO Brandon Munro said.
“All the while nuclear energy is on the cusp of a new renaissance as carbon neutral targets in the world’s largest economies drive political support for the clean, emissions-free and safe electricity generation that nuclear delivers around the clock,” he added.
On the market, Bannerman last traded at 12 cents per share on February 8.
