Ongwe Minerals is seeking to raise up to C$14.5 million (about N$190 million) to fund exploration activities on its Namibian gold projects as it advances drilling and target development in the emerging Northwest Damara Gold Belt.
Chief Executive Officer Dave Underwood said the company intends to use the proceeds from the fundraising primarily for exploration work on its Namibian properties, as well as for working capital and general corporate purposes.
The planned capital raise comprises a brokered private placement of 7.25 million common shares at C$1.38 per share, expected to generate approximately C$10 million. The offering also includes an over-allotment option that could raise an additional C$1.5 million if fully exercised.
Simultaneously, the company plans to complete a non-brokered private placement worth approximately C$3 million, bringing the total potential proceeds to around C$14.5 million.
“The Company intends to use the net proceeds of the LIFE Offering and the Private Placement for exploration work primarily in respect of its Namibian properties, and for working capital and general corporate purposes,” Underwood said.
The financing is expected to close on or around 25 June 2026, subject to regulatory approvals, including conditional approval from the TSX Venture Exchange.
Underwood said Ongwe Minerals remains focused on advancing three gold projects in Namibia’s emerging Northwest Damara Gold Belt, with particular emphasis on the Omatjete and Khorixas projects.
“The Company’s current focus is on three promising gold projects in the emerging Northwest Damara Gold Belt, with a focus on the Omatjete and Khorixas Gold Projects,” he said.
At the Omatjete Gold Project, the company is targeting mineralisation along the regional Okondeka Fault Zone, which also hosts the Kokoseb gold deposit. Exploration has already led to the discovery of the Manga Gold Prospect, where a gold-in-soil anomaly extends over an area measuring approximately 4.5 kilometres by one kilometre.
“Early surface work by Ongwe has led to the discovery of the Manga Gold Prospect, which has a 4.5km by 1km footprint of gold in soil, with early scout drilling indicating gold in bedrock,” Underwood said.
He added that exploration work is continuing to determine the full strike extent of the discovery.
“This area has significant growth potential and work is ongoing to define the strike extent of the Manga discovery along the Okondeka Fault Zone,” he said.
The company is also advancing the Khorixas Gold Project, located about 60 kilometres west of Osino Resources’ Eureka deposit. The project hosts the Belmont and K17 prospects, with Belmont alone covering a surface gold footprint of approximately 12 kilometres by six kilometres.
“The Belmont prospect has a surface gold footprint of approximately 12km by 6km and lies between the regional-scale basin-margin Khorixas Fault and the Belmont Thrust Zone,” Underwood said.
