Wia Gold embarks on A$92m placement to advance Namibia gold project
ASX-listed Wia Gold says it has received binding commitments to raise A$92-million through the issue of about 200-million new shares at A$0.46 a share to new and existing, institutional and sophisticated investors to advance the Kokoseb gold project, in Namibia.
In a statement to shareholders, the company explains that the proceeds will be used for execution-readiness and early works work programmes; pre-production capital expenditure; ongoing project studies, testwork and project development; permitting, social and environmental activities; regional exploration and project generation; and corporate costs, working capital and costs of the placement.
“We are very pleased with the strong demand for this placement, particularly from high-quality offshore institutional investors who recognise Kokoseb’s potential to emerge as one of Africa’s next major gold mines,” says Wia CEO Henk Diederichs.
He adds that this placement materially strengthens the company’s balance sheet at a pivotal stage in the Kokoseb project’s development and provides a clear pathway to advance key workstreams as Wia progresses towards definitive feasibility study completion and, ultimately, production.
He explains that the funding also enables Wia to continue with regional exploration activities across its broader tenure, where the company sees meaningful potential to build on the Kokoseb discovery.
“We thank our new and existing shareholders for their support and we look forward to delivering on the next phase of value creation.”
