Canadian-ownedOngwe Minerals has raised about N$310.5 million to accelerate gold exploration at its Khorixas and Omatjete projects in Namibia.
The company is doing mining activities in the Damara Gold Belt.
Ongwe chief executive Dave Underwood says following its recent dual listing on the Namibia Securities Exchange (NSX), Ongwe was able to reserve a significant portion of shares for Namibian individuals and institutions.
“Due to high levels of demand, we upsized the offering. As a result of our recent dual listing onto the Namibia Securities Exchange, we were able to offer a sizeable allocation to Namibian investors,” Underwood says.
The shares were issued at a price of approximately N$18.63 per share.
The company says the funds will be used primarily to expand exploration at the Khorixas and Omatjete gold projects.
At the Khorixas project, reverse circulation drilling has already commenced.
Meanwhile, at the Omatjete project, the company is preparing for a diamond drilling campaign to test the Manga and Nguni targets, scheduled to begin at the end of July.
Ongwe was previously responsible for the Twin Hills and Eureka deposits with Osino Resources, as well as the advancement of the Otjikoto Gold Mine, which is currently in production.
Note: Financial figures in Namibia dollar are estimated based on an approximate exchange rate of 1 CAD = N$13.50.
