Ongwe Minerals (TSXV: OGW) is seeking to raise up to CAD20mn ($14.3mn) through an expanded share offering to fund exploration activities at its Namibian projects and strengthen its working capital position, the company said in a statement on June 12.
The TSX Venture Exchange-listed miner said it had increased the size of its previously announced “best efforts” private placement, with plans to issue up to 11.16mn common shares at CAD1.38 each, generating gross proceeds of up to CAD15.4mn.
Beacon Securities is acting as the sole bookrunner for the offering, alongside a syndicate of investment firms.
The company has also granted the agents an option to sell up to an additional 2.17mn shares at the same price, which could raise a further CADmn if fully exercised.
In addition, Ongwe Minerals intends to complete a non-brokered private placement of up to 3.33mn shares at CAD1.38 each, generating approximately CAD4.6mn.
The combined transactions could raise more than CAD23mn before expenses if the agents’ option is fully exercised.
“The company intends to use the net proceeds of the LIFE Offering and the Private Placement for exploration work primarily in respect of its Namibian properties, and for working capital and general corporate purposes,” Ongwe Minerals said.
The fundraising comes as mining companies continue to accelerate exploration spending amid growing global demand for critical minerals used in energy transition technologies and advanced manufacturing.
Ongwe Minerals said the LIFE offering and private placement are expected to close on or about June 25, 2026, subject to the receipt of all necessary regulatory approvals, including conditional approval from the TSX Venture Exchange.
The company did not disclose specific exploration programmes planned for its Namibian assets. It owns three gold projects in the southwestern African nation.
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