Ongwe Minerals raises N$265 million to accelerate gold exploration
Canadian and Namibian listed gold explorer Ongwe Minerals has raised approximately C$23 million (about N$265 million) through a brokered listed issuer financing exemption (LIFE) offering and a concurrent private placement, with the proceeds earmarked primarily for expanding exploration activities at its Namibian gold projects.
CHAMWE KAIRA
Canadian and Namibian listed gold explorer Ongwe Minerals has raised approximately C$23 million (about N$265 million) through a brokered listed issuer financing exemption (LIFE) offering and a concurrent private placement, with the proceeds earmarked primarily for expanding exploration activities at its Namibian gold projects.
The company, which is listed on both the TSX Venture Exchange and the Namibian Stock Exchange (NSX), said it closed the financing after strong investor demand, prompting it to increase the size of the offering.
The LIFE offering generated C$18.4 million through the issue of 13.33 million common shares at C$1.38 per share, while a concurrent non-brokered private placement raised an additional C$4.6 million through the sale of 3.33 million shares at the same price.
