The raising was priced at 10.5c per new share and involved existing Bannerman shareholder Tribeca plus 12 new, unnamed, "high quality institutional investors".
The new funding will take Bannerman's cash holdings to about $14 million, with Bannerman starting the current quarter with $3 million and saying at the time it was spending about $1 million completing a prefeasibility study for Etango-8.
The "8" refers to eight million tonnes per annum, with Etango previously mooted as a 20Mtpa development.
The resizing lowers capex from nearly US$800 million to an estimated (from scoping work) $254 million.
The PFS for Etango-8 is expected to be completed by mid-year, with a definitive feasibility study then anticipated to take a further 9-12 months.
Shares in Bannerman were up 12.5% to A13.5c in morning trade, capitalising the company at $145 million.
The stock was at levels around 4c for much of 2020, with its rise from November onward corresponding with improving pricing and sentiment towards the uranium sector.
