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Bannerman Energy Ltd (ASX: BMN) announced $40.7m Placement & $5m Share Purchase Plan

Bannerman Energy Ltd (ASX: BMN) has announced that it has received firm commitments for a single tranche placement of approximately 185 million new fully paid ordinary shares to new and existing institutional and sophisticated investors at an issue price of A$0.22/New Share to raise approximately A$40.7m. Bannerman is also undertaking a Share Purchase Plan (SPP) at the same price as the Placement which is expected to raise up to a further A$5m. In combination, the Placement and SPP are expected to raise total gross proceeds of up to A$45.7m.

When an ASX-listed company announces a capital raising, it generally means it is selling more shares to raise money.

More often than not, the shares are sold at a discount to the company’s share price at the time to entice new and existing investors.

Following the announcement, shares in Bannerman Energy Ltd tumbled 7.55% to $0.24/share.

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