Wia Gold raises N$324 million to advance Kokoseb project
Wia Gold Limited has successfully raised A$30 million (N$324 million) in a share placement to institutional and private investors. The funds are earmarked for an accelerated exploration and development programme at its flagship Kokoseb Gold Project in Namibia, Wia Gold said in a statement. The move follows a recent significant upgrade to the project’s mineral resource estimate.
The company issued 100 million new shares for $0.30 per share. This price represents a slight discount to the company’s recent trading price, demonstrating strong investor confidence in the project’s potential.
The placement’s primary goal is to capitalise on the success of recent exploration. Wia’s executive chairman, Josef El-Raghy, highlighted the project’s progress, noting the updated mineral resource estimate of 2.93 million ounces of gold at an average grade of 1.0 grams per tonne. This places Kokoseb among Namibia’s most significant gold deposits, comparable in scale to the country’s major producing mines like Otjikoto and Navachab.
The A$30 million will be used to expand the resource. An accelerated drilling programme will target new zones and aim to increase the overall size of the gold deposit. The funds will support ongoing test work and studies required to complete a definitive feasibility study (DFS), a key step toward making a final decision to build a mine.
The company issued 100 million new shares for $0.30 per share. This price represents a slight discount to the company’s recent trading price, demonstrating strong investor confidence in the project’s potential.
The placement’s primary goal is to capitalise on the success of recent exploration. Wia’s executive chairman, Josef El-Raghy, highlighted the project’s progress, noting the updated mineral resource estimate of 2.93 million ounces of gold at an average grade of 1.0 grams per tonne. This places Kokoseb among Namibia’s most significant gold deposits, comparable in scale to the country’s major producing mines like Otjikoto and Navachab.
The A$30 million will be used to expand the resource. An accelerated drilling programme will target new zones and aim to increase the overall size of the gold deposit. The funds will support ongoing test work and studies required to complete a definitive feasibility study (DFS), a key step toward making a final decision to build a mine.
