Golden Deeps Limited has raised N$39 million through an oversubscribed capital placement, providing a significant boost to its Otavi Mountain Land Critical Metals Projects in Namibia.
The funds will accelerate exploration and drilling at the company’s high-grade Graceland Prospect, part of its broader Central Otavi Project portfolio.
The placement, managed by GBA Capital Pty Ltd, involved the issue of 44.28 million fully paid ordinary shares at N$0.89 per share, representing a premium to the five-day volume-weighted average price market price.
Each share includes a free attaching option, exercisable at N$1.11 and expiring on 31 October 2029, subject to shareholder approval.
“This substantial new funding will allow the company to accelerate exploration of our Otavi projects and carry out an extensive drilling programme to test the already identified richly mineralised gossan targets and the anticipated IP targets at the high-grade Graceland critical metals prospect area,” says Golden Deeps chief executive Jon Dugdale.
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