ASX-listed mining junior Wia Gold Limited (Wia) has received firm commitments from new and existing shareholders, including institutional and sophisticated investors, for a $19.8mn placement as it advances its project in Namibia.
Wia said in a release on November 7 that its directors have subscribed for about $662,000 of the placement of 200mn new fully paid ordinary shares.
The cash would be used to speed up ongoing drilling at its Kokoseb gold project to increase its mineral resource estimate. Some of the funding would be used to initiate scoping study work and advance the project towards definitive feasibility study completion, along with drilling at its Birimian gemstones project in Côte d’Ivoire, working capital and corporate costs.
“The progress made at the Kokoseb gold discovery over the past year has been exceptional and has been recognised by existing and new shareholders as a new gold district within Namibia, a highly regarded jurisdiction by the global mining industry,” Wia executive chairman Josef El-Raghy said.
“The placement is an important step in the transition of Wia into Namibia’s leading gold exploration company, but also accelerates the development of Kokoseb into Namibia’s next gold mine.”
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