CHAMWE KAIRA
Canadian-listed gold explorer Ongwe Minerals Incorporated has announced plans to raise up to C$13 million (approximately N$180 million) through a share offering and private placement to fund exploration activities on its Namibian gold projects.
The company said it has entered into an agreement with Beacon Securities Limited and Research Capital Corporation to conduct a “best efforts” listed issuer financing exemption (LIFE) offering aimed at raising approximately C$10 million through the sale of 7.25 million common shares at C$1.38 per share.
Ongwe Minerals has also granted the agents an option to sell an additional 1.09 million shares, which could increase proceeds from the offering by a further C$1.5 million.
Alongside the LIFE offering, the company intends to complete a non-brokered private placement of up to 2.17 million shares at the same price, targeting an additional C$3 million in gross proceeds.
According to the company, the funds raised will be used primarily to advance exploration work on its Namibian mineral properties, while a portion will be allocated to working capital and general corporate purposes.
The LIFE offering and private placement are expected to close on or around 25 June 2026, subject to regulatory approvals, including conditional approval from the TSX Venture Exchange.
Ongwe Minerals said participation by certain company insiders is anticipated, although any such participation is expected to fall within exemptions available under Canadian securities regulations governing related-party transactions.
The company is focused on gold exploration in Namibia and is led by a team with experience in several of the country’s major gold discoveries and developments.
The team previously worked on projects including the Twin Hills Gold Project and Eureka Gold Project, developed by Osino Resources, as well as the Otjikoto Gold Mine, which was later acquired by B2Gold Corp.
Ongwe’s current exploration focus is on three projects within Namibia’s emerging Northwest Damara gold belt, particularly the Omatjete and Khorixas gold projects.
At the Omatjete Gold Project, located along the regional Okondeka Fault Zone, the company has identified the Manga Gold Prospect, which covers an area measuring approximately 4.5 kilometres by one kilometre and has returned encouraging results from soil sampling and initial drilling.
The Khorixas Gold Project, situated about 60 kilometres west of the Eureka Gold Project, hosts the Belmont and K17 prospects.
Ongwe Minerals said the Belmont prospect has a surface gold footprint of roughly 12 kilometres by six kilometres, with exploration work identifying 18 target areas to date.
The company said exploration activities are continuing at both projects as it seeks to expand and define new gold discoveries within the Northwest Damara gold belt.
