Midas Minerals has secured firm commitments to raise A$11.5 million (about N$145 million) through a share placement to fund its acquisition and exploration of the Otavi Copper Project in Namibia.
The placement, priced at A$0.37 (N$4.66) per share, will involve the issuance of up to 31,081,082 fully paid ordinary shares.
Both new and existing institutional investors strongly supported the offer.
According to Midas, the proceeds will be used to complete the acquisition of the Otavi Copper Project, accelerate exploration at both Otavi and South Otavi, and provide additional working capital.
Settlement of the first tranche of 31,026,082 shares is expected on 24 September 2025, raising A$11.48 million (N$144.8 million).
This tranche will be conducted under the company’s existing ASX Listing Rule capacities and is not subject to shareholder approval.
A second tranche of up to 55,000 shares will raise an additional A$20,350 (N$256,410), subject to approval at a general meeting scheduled for early December 2025.
Midas Managing Director Mark Calderwood welcomed the result.
“We are grateful for the support in this $11.5M placement, predominantly to new and existing Australian and international institutions. The funds will allow us to accelerate exploration at the Otavi Copper Project after the acquisition completes, anticipated next quarter,” he said.
The company noted that in May 2025, it had already raised A$6.5 million (N$81.9 million) towards acquisition costs and exploration.
Drilling is currently underway at South Otavi, where Midas has commenced a 3,000-metre program across roughly 100 holes, with scope to expand the campaign based on results.
The placement was arranged with Canaccord Genuity (Australia) Limited as Lead Manager and Euroz Hartleys Limited as Co-Lead Manager.
The issue price of A$0.37 represented an 8.6% discount to the last traded price of A$0.405 (N$5.10) on 15 September 2025, a 10.7% discount to the five-day VWAP of A$0.414 (N$5.22), and a slight premium to the 15-day VWAP of A$0.368 (N$4.63).
