Group 1 - Midas Minerals has secured commitments to raise A$11.5 million through a share placement, primarily for the acquisition of the Otavi Copper Project in Namibia [1][4] - The placement will issue up to 31.08 million shares at A$0.37 each, representing an 8.6% discount to the last traded share price [2] - The first tranche of the placement, comprising 31.02 million shares, is expected to settle by 24 September 2025 and does not require shareholder approval [2][3] Group 2 - A second tranche involving 55,000 shares will be offered to non-executive director Michael Bohm, requiring shareholder approval at a general meeting in early December 2025 [3] - Canaccord Genuity (Australia) and Euroz Hartleys have been appointed as lead and co-lead managers for the placement [3] - The funds raised will also support exploration activities at the Otavi and South Otavi Projects and meet working capital needs [1][4] Group 3 - Midas Minerals also holds projects in Western Australia and Canada, including the Newington and Challa projects and two lithium projects [5] - The company previously raised A$6.5 million in May for acquisition costs and ongoing exploration activities [4] - The first-pass drilling at South Otavi is already underway, with a planned 3,000 meters of drilling [4]
Midas Minerals to raise funds for Namibian copper project acquisition