Ongwe Minerals Inc. (TSXV: OGW, NSX: ONG) has raised approximately CAD23mn ($16mn) through a brokered and non-brokered share placement, with the proceeds earmarked for expanding exploration activities across its gold projects in Namibia.
In a statement on June 30, the company said the financing comprised a brokered listed issuer financing exemption offering and a concurrent private placement, generating aggregate gross proceeds of about CAD23mn.
Under the brokered offering, Ongwe issued 13.33mn common shares at CAD1.38 each, raising CAD18.4mn. The total included 2.17mn shares issued following the full exercise of an over-allotment option by the underwriting syndicate led by Beacon Securities Limited.
The company also completed a concurrent non-brokered placement, issuing 3.33mn shares at the same price to raise a further CAD4.6mn from institutional and retail investors outside Canada.
CEO Dave Underwood said strong investor demand had enabled the company to increase the size of the fundraising.
“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 CAD23mn,” Underwood said.
He said the funds would be used to accelerate exploration programmes in Namibia, where reverse-circulation drilling has already begun at the Khorixas project.
Diamond drilling at the Omatjete project is scheduled to start later this month to test the Manga and Nguni targets, while four field sampling teams continue regional exploration work across the broader licence package.
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