Midas Minerals has received firm commitments from institutional, sophisticated, and other investors to raise US$ 6.5 million to acquire and explore the Otavi Project.
Midas Minerals agreed to acquire the ~1,776km2 high-grade Otavi Copper Project in Namibia on May 16, 2025.
The company also acquired 80% of the South Otavi Project under EPL 8374, announced on May 19, 2025.
The Otavi Project boasts exceptional exploration upside, with an abundance of historic shallow, high-grade drill intercepts, including 17.2m at 7.24% copper and 144.4g/t gold, as well as significant untapped potential for future discoveries.
Midas Minerals will also use the money for 2025) and exploration programs at the Otavi and South Otavi Projects.
The money will be raised through the placement of up to a total of 43,333,333 fully paid ordinary shares at $0.15 each.
Midas Minerals will undertake the placement in two tranches of 31,019,918 shares under tranche using its existing capacity under ASX Listing Rules 7.1 (18,611,951) and 7.1A (12,407,967) to raise a total of ~$4.65 million, with settlement expected to occur on Tuesday, 27 May 2025.
Midas Minerals will issue up to 12,313,415 shares under tranche 2 to raise an additional ~$1.85 million.
The issue of the tranche 2 shares to investors and Midas directors is subject to receipt of necessary shareholder approvals, which Midas intends to seek at a general meeting to be held in July 2025.
Midas Minerals managing director Mark Calderwood said the funds raised through the placement will be used towards the acquisition of the Otavi Project, exploration of Otavi and South Otavi, as well as existing projects and working capital.
“The company has commenced detailed preparations for drilling on the Otavi project, which will begin as soon as possible after completion of the acquisition.”