The company plans to use the proceeds to fund operations at its Etango heap leach demonstration plant as well as for general working capital requirements.
Under the share purchase plan (SPP), the shareholders will be able to subscribe for up to A$15,000 worth new Bannerman shares.
The SPP will be opened on 11 March and is scheduled to be closed on 2 April 2015.
As maximum fund to be raised under the SPP is limited to A$2m, Bannerman will scale back applications if the total value of applications exceeds the limit.
The company’s 80%-owned Etango project is situated near Rio Tinto’s Rössing uranium mine in Namibia, southern Africa.
Based on definitive feasibility study, the project is estimated to produce up to nine million pounds U3O8 per year for the first five years and around eight million pounds U3O8 per year thereafter.
