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VANCOUVER, British Columbia, June 30, 2026 (GLOBE NEWSWIRE) -- Ongwe Minerals Inc. ("Ongwe" or "the Company") (TSXV: OGW) (NSX: ONG) is pleased to announce that it has closed its previously announced brokered private placement pursuant to the listed issuer financing exemption (the "LIFE Offering") and concurrent non-brokered private placement (the "Private Placement") for aggregate gross proceeds of approximately CAD$23,000,000.
LIFE Offering
The LIFE Offering was conducted on a "best efforts" basis pursuant to an agency agreement entered into with a syndicate of agents led by Beacon Securities Limited ("Beacon") acting as sole bookrunner and together with Research Capital Corporation, as co-lead agents (the "Co-lead Agents"), and including Haywood Securities Inc., Raymond James Ltd., Canaccord Genuity Corp., Red Cloud Securities Inc., and Stifel Nicolaus Canada Inc. (together with the Co-Lead Agents, the "Agents").
Under the LIFE Offering, the Company issued an aggregate of 13,334,000 common shares of the Company (the "Common Shares") at a price of CAD$1.38 per Common Share (the "Issue Price") for aggregate gross proceeds to the Company of CAD$18,400,920. This total included 2,174,000 Common Shares issued pursuant to the full exercise of the Agents' option.
The Common Shares issued under the LIFE Offering were offered for sale to purchasers pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 – Prospectus Exemptions as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the "Listing Issuer Financing Exemption"). The Common Shares issued pursuant to the LIFE Offering are not subject to a statutory hold period pursuant to applicable Canadian securities laws.
Dave Underwood, Ongwe's CEO commented: "We are delighted by the amount of interest we received for this Ongwe financing. Due to the high levels of demand, we upsized the offering to approximately CAD$23m. A substantial number of existing shareholders elected to participate again and we also added a number of high quality specialist and generalists institutions, family offices and individuals to our roster. As a result of our recent dual listing onto the Namibian Stock Exchange, we were able to offer a sizeable allocation to Namibian investors.
The proceeds of this financing will be used to expand and accelerate our exploration on our various gold projects in Namibia. RC drilling has already started on the Khorixas project and will be followed by a diamond drilling campaign at Omatjete to test the Manga and Nguni targets, starting at the end of July. We have also expanded our regional exploration program and now have four sampling teams working continuously to cover the rest of the Omatjete licence package."