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Bannerman Resources raising A$8M for Etango uranium project

Bannerman Resources Ltd. is raising A$8 million through a placement of just under 174 million shares at 4.6 Australian cents each to institutional and sophisticated investors.

The price represents a 9.2% discount to the 10-day average price of the company's shares as of June 5, according to a June 8 statement.

The company will use the funds for further optimization work at its Etango uranium project in Namibia, progressing a related definitive feasibility study, marketing and general working capital.

Settlement of the share issue is expected June 15.