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Ongwe Minerals Raises C$23 Million in a Share Offering and a Concurrent Private Placement

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Ongwe Minerals (OGW.V) on Tuesday said it closed a brokered private placement of shares and a concurrent non-brokered private placement that raised C$23 million.

The company sold 13.3-million shares priced at C$1.38 apiece for $18.4 million in the brokered financing, including the full exercise of the agents' 2.2-million share over-allotment option.

Ongwe concurrently closed a non-brokered offering of 3.3-million shares also priced at C$1.38 for additional proceeds of C$4.6 million.

Proceeds will be used for exploration work at its Namibian properties and for working capital and general corporate needs.

Shares of the company were last seen up C$0.03, or 2.2%, to C$1.42 on the TSX Venture Exchange.

Price: $1.42, Change: $+0.03, Percent Change: +2.16%

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