Moonbound Mining has closed the second private placement offering to raise N$25.5 million (US$1,3 million) by selling 4,493,334 common shares at US$0.30 each.
The proceeds will be used as general capital to advance the company’s projects in Namibia and Canada.
The company expects to close an additional tranche of the private placement offering on or before the end of March 2024.
The first private placement consisting of up to 16,666,666 common shares for $0.30 each to raise about N$95 million (US$5 million) was undertaken in December 2023.
Moonbound Mining has a joint venture with Continental Lithium Africa Development Corporation on the Stratham mining claims in the Cape Cross area in Namibia.
Continental Lithium Africa Development Corporation is a mineral resource development company that targets the opportunity for massive, untapped African lithium and battery metals resources.
Moonbound Mining is a mineral exploration company with two exploration projects, the Yak Property in northwestern British Columbia, Canada, and the Strathmore Property, which includes seven mining licenses in Namibia.
The Strathmore mining claims are located in the Cape Cross-Uis area. The Cape Cross-Uis Pegmatite Belt stretches 115km from Cape Cross in the West to Uis in the East and can be as wide as 24km.
The property is under claims 70010, 70011, 70012, 70459 and 70460.
PHOTO CREDIT: Travel Photo
