Wia Gold Launches AU$30 million Capital Raise to Accelerate Kokoseb Project

Highlights:

• AU$30 million Capital Injection: Wia Gold Limited (ASX: WIA) raised AU$30 million through a placement priced at AU$0.15 per share, with strong support from local and international institutional investors.
• Focused on Growth at Kokoseb: Funds will accelerate drilling, resource expansion, and scoping study work in Namibia, advancing the Kokoseb project toward a Definitive Feasibility Study (DFS).
• Board and Investor Confidence: Directors subscribed for AU$1.1 million, subject to shareholder approval, reinforcing internal support for the company's strategic vision and expansion plans.

Wia Gold Limited (ASX: WIA) has announced a significant capital raise, securing firm commitments for a A$30 million placement aimed at advancing its flagship Kokoseb gold project in Namibia. This placement involves issuing 200 million new ordinary shares at AU$0.15 each, representing a 3.2% discount to the last closing price and a 1.1% discount to the 15-day volume-weighted average price (VWAP). At the time of writing, this capital injection reflects strong support from both institutional and sophisticated investors, highlighting confidence in Wia’s growth trajectory.

Key Highlights of the Placement

• Broad Investor Support: Wia has garnered solid backing from both local and offshore investors, showcasing market enthusiasm for its Namibian and Côte d'Ivoire projects.
• Strategic Pricing: Priced at AU$0.15 per share, the placement sits at a modest discount, providing an attractive entry point for new investors while maintaining value for existing shareholders.
• Board Participation: Directors, including Executive Chairman Josef El-Raghy, have subscribed for AU$1.1 million, subject to shareholder approval, signaling internal confidence in the company’s potential.

Fund Allocation

Proceeds from the raise will accelerate drilling and exploration activities in Namibia, aiming to expand the Mineral Resource Estimate at Kokoseb and initiate a scoping study as part of its journey toward a Definitive Feasibility Study (DFS). Additionally, funds will support drilling in Côte d'Ivoire, working capital, and general corporate expenses.

Placement Details

The issuance of approximately 192.6 million shares will utilize Wia’s existing ASX placement capacity, while the purchase of around 7.3 million shares by directors awaits shareholder approval at an upcoming general meeting. Petra Capital acted as the sole lead manager, with Tamesis Partners and Argonaut Securities as co-managers.

The new shares will be traded on the ASX starting November 12, 2024, further solidifying Wia Gold’s position as a leading exploration company in Namibia’s emerging gold sector.

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