Ongwe Minerals announced plans for a $10 million listed issuer financing exemption (LIFE) offering and a concurrent non-brokered private placement of approximately $3 million to support exploration activities at its gold projects in Namibia.
The company entered into an agreement with Beacon Securities Limited, acting as sole bookrunner, together with Research Capital Corporation as co-lead agents, for a best efforts private placement of 7,247,000 common shares priced at $1.38 per share. The offering is expected to generate gross proceeds of approximately $10 million.
Ongwe also granted the agents an option to purchase up to an additional 1,087,000 common shares, which could increase proceeds by approximately $1.5 million.
Alongside the LIFE offering, the company intends to complete a non-brokered private placement of up to 2,173,913 common shares at the same price, generating approximately $3 million in additional gross proceeds.
According to the company, proceeds from the financings will primarily be used to fund exploration activities on its Namibian properties, as well as for working capital and general corporate purposes.
The offerings are expected to close on or around June 25, 2026, subject to customary regulatory approvals, including conditional approval from the TSX Venture Exchange.
Ongwe Minerals is a Canadian gold exploration company focused on discovering and advancing gold systems in Namibia. The management team previously helped develop Osino Resources, which was acquired by Shanjin International for CAD$368 million, and was involved in advancing the Otjikoto gold deposit, which was sold to B2Gold for CAD$180 million.
The company’s current portfolio is concentrated on three projects within Namibia’s emerging Northwest Damara gold belt, with a particular emphasis on the Omatjete and Khorixas gold projects.
At Omatjete, surface exploration led to the discovery of the Manga Gold Prospect, which features a 4.5-kilometer by 1-kilometer gold-in-soil anomaly and early drilling results indicating gold mineralization in bedrock. The Khorixas Gold Project hosts the Belmont and K17 discoveries, including the Belmont prospect, which spans an approximately 12-kilometer by 6-kilometer surface gold footprint.
