Ongwe seeks N$233m for gold drive

Ongwe Minerals Incorporated has increased the size of a planned share sale, lifting total targeted proceeds to approximately N$268 million as it accelerates exploration across its portfolio of gold projects in northwestern Namibia.

The Toronto Venture Exchange-listed (TSXV) company, which also trades on the Namibian Securities Exchange (NSX), said it would issue up to 11 160 000 common shares at N$16.09 each under a listed-issuer financing exemption offering, targeting gross proceeds of up to N$179.6 million. 

In addition, the company's agents, led by Beacon Securities Limited and Research Capital Corporation, with Haywood Securities Incorporated, Raymond James Limited, Canaccord Genuity Corp., Red Cloud Securities Incorporated and Stifel Nicolaus Canada Incorporated, participating, hold an option to place up to a further 2 174 000 shares at the same price, raising as much as an additional N$35 million.

Separately, Ongwe intends to complete a non-brokered private placement of up to 3 333 333 shares at the same N$16.09 issue price, seeking approximately N$53.6 million in additional gross proceeds. The private placement will proceed independently of the main offering.

N$268 million potential raise 

Combined, the three tranches would raise up to approximately N$268 million before costs.

The company said net proceeds would be directed primarily towards exploration work on its Namibian properties, with the remainder earmarked for working capital and general corporate purposes.

Closing of both the main offering and the private placement is expected on or about 25 June 2026, subject to regulatory approval including from the TSXV. Shares issued under the main offering will carry no hold period for Canadian subscribers. Those issued under the private placement will be subject to a statutory hold period expiring four months and a day after closing.

Ongwe is focused on three projects within what it describes as the emerging Northwest Damara gold belt. Its flagship Omatjete Gold Project, situated along the Okondeka Fault Zone, hosts the Manga Gold Prospect, a 4.5 kilometre by 1 kilometre surface gold anomaly with early drilling confirming mineralisation in bedrock. The adjacent Kokoseb deposit, held by Wia Gold, occupies the same structural corridor.

Significance

The company's Khorixas Gold Project lies 60 kilometres west of Osino Resources' Eureka deposit and hosts two large surface discoveries, Belmont and K17. The Belmont prospect covers a footprint of roughly 12km by 6km and contains eighteen identified target areas.

Ongwe's leadership team previously led gold discoveries in Namibia at Osino Resources, which was sold to Shanjin International for N$4.3 billion, including the Twin Hills project currently under construction, and the Eureka deposit. The same team was instrumental in advancing the Otjikoto gold deposit, sold to B2Gold for N$2.1 billion and now in production.

The company dual-listed on the NSX in April 2026, a step chief executive Dave Underwood said was designed to broaden retail and institutional access to Ongwe's shares and to allow Namibian investors to participate directly in the country's mineral wealth.

-additional reporting by Extractor Magazine.