Bannerman in Namibia

Perth — ASX-, NSX- and OTCQB-listed Bannerman Energy has struck a deal to acquire 41.8% shareholding in TSX-Vlisted critical minerals explorer Namibia Critical Metals Inc (NMI). NMI’s flagship asset is the 95%-owned, advanced and fully permitted Lofdal heavy rare earths project in Namibia, which is the subject of an earn-in agreement with leading global resource strategic partner, Japan Oil, Gas and Metals National Corporation (Jogmec). Bannerman has agreed to acquire more than 82.2-million shares in NMI, representing 41.8% of NMI’s issued capital, from shareholders PhilCo 192 and Adventure Resources Holdings for total consideration of A$7.24-million in cash and the issue of more than 8.4-million fully paid ordinary shares. Bannerman told shareholders on Thursday that while the acquisition cost was relatively modest, accounting for 12% of the company’s current cash balance and 0.6% of its current issued shares, the NMI acquisition offered significant strategic alignment and development synergies with Bannerman’s flagship Etango uranium project in Namibia. — Mining Weekly