Wia Gold Limited has secured firm commitments to raise N$341 million (A$30 million) through a share placement priced at N$5.29 ($0.30) per share, supported by both domestic and offshore institutional and sophisticated investors.
The company said proceeds from the placement will be directed towards accelerated resource development and exploration activities in Namibia, ongoing studies and test work to advance the Kokoseb gold project towards a Definitive Feasibility Study (DFS), as well as permitting, social and environmental programmes. Funds will also support corporate costs and working capital.
“The strong support for the Placement received from both domestic and offshore institutional investors allows the Company to continue with its strategy to expand the Kokoseb deposit via an accelerated exploration programme,” said Executive Chairman, Josef El-Raghy.
The placement will issue 100 million new fully paid ordinary shares, representing a 4.8% discount to the last traded price of N$5.54 ($0.315) and a 2.1% discount to the 10-day volume-weighted average price of N$5.38 ($0.306).
The new shares will rank equally with existing shares and are scheduled to begin trading on 27 August 2025.
Following completion of the placement, Wia Gold said it will hold an estimated cash balance of around N$625 million (A$55 million), strengthening its ability to advance Kokoseb and its broader exploration portfolio.
Argonaut Securities acted as Lead Manager and Bookrunner, while Tamesis Partners and SCP Resource Finance served as co-lead managers.
Since 2018, Wia Gold has built up a substantial landholding in Namibia’s central Damara Belt through the Damaran Project. The project, which includes the Kokoseb deposit, spans more than 2,000 km² and is operated in partnership with state-owned mining company Epangelo.
