ASX-listed Wia Gold has made a non-renounceable pro rata offer to shareholders to raise A$11 million to expedite resource growth drilling at its Kokoseb gold project in Namibia.
It said the drilling includes both targeted along strike extension of the Kokoseb deposit zones, as well as testing of the clear potential for multiple high-grade shoots at depth.
The entitlement offer will be priced at 32 cents per share, and Wia has received irrevocable pledges totalling A$3.4 million from several shareholders.
“The impressive nature of the ongoing exploration results at Kokoseb demand that we accelerate our growth drilling activities there,” said Wia chairperson Andrew Pardey.
“The extensional potential, both along strike and at depth, along with the accompanying high-grade shoot potential that is increasingly apparent, is a substantial prize for us to pursue. The proceeds from this rights issue will allow us to do this more rapidly but without any dilution of our systematic approach to the exploration of this emerging world-class gold opportunity.”
He said the capital also enables the company to rapidly pursue the latent growth potential at Kokoseb, while also aiming to produce additional value-accretive discovery results throughout the broader Namibian and Cote d'Ivoire portfolios.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
