Ongwe Minerals has expanded its previously announced capital raise, with the Canadian-listed gold explorer now seeking up to N$238 million to fund exploration at its Namibian gold projects.
The company has increased its “best efforts” listed issuer financing exemption (LIFE) offering to up to 11.16 million common shares priced at C$1.38 each, targeting gross proceeds of approximately N$183 million. The offering is being led by Beacon Securities, alongside Research Capital Corporation and a syndicate of Canadian investment firms.
Ongwe has also granted the agents an option to sell an additional 2.174 million common shares at the same price, which could raise a further N$35.7 million if fully exercised.
In addition to the LIFE offering, the company plans a non-brokered private placement of up to 3.33 million common shares, expected to raise approximately N$54.7 million. Combined, full subscription of both offerings would bring total proceeds to about N$238 million, excluding the agents’ option.
Proceeds from both raises will primarily fund exploration on Ongwe’s Namibian mineral properties, with the remainder allocated to working capital and general corporate purposes. Both offerings are expected to close on or about 25 June, pending regulatory approvals, including conditional approval from the TSX Venture Exchange. Ongwe noted that completion of the LIFE offering is not contingent on the private placement proceeding.
The company also disclosed that certain insiders may participate in the LIFE offering. Any such participation would constitute a related-party transaction but is expected to qualify for exemptions from formal valuation and minority shareholder approval requirements, as the value involved would remain below 25% of the company’s market capitalization.
Ongwe Minerals is focused on gold exploration in Namibia’s emerging Northwest Damara Gold Belt, with its flagship Omatjete and Khorixas gold projects. At Omatjete, exploration along the Okondeka Fault Zone has identified the Manga Gold Prospect, where a gold-in-soil anomaly spans approximately 4.5 by one kilometre. Initial drilling has confirmed gold-bearing bedrock, with further work underway to define the extent of the mineralised zone.
The Khorixas Gold Project, located roughly 60 kilometres west of the Eureka gold project, hosts the Belmont and K17 prospects. The Belmont prospect has a surface gold footprint of about 12 by six kilometres, with calcrete and grab sampling identifying 18 target areas.
Ongwe is led by a team with a track record on major Namibian gold discoveries, including the Twin Hills, Eureka, and Otjikoto deposits.
