Wia undertakes A$30m placement to drive further growth at Namibia project

ASX-listed Wia Gold has received firm commitments from new and existing shareholders, including institutional and sophisticated investors, for a A$30-million placement of 200-million new fully paid ordinary shares.

Directors have subscribed for A$1.1-million of the placement, subject to shareholder approval.

The funds will be applied to accelerate ongoing drilling at the Kokoseb gold project, in Namibia, to increase the mineral resource estimate, initiate scoping study work and advance the project towards definitive feasibility study completion.

Some of the funding will also be used for exploration drilling in Côte d’Ivoire, working capital and corporate costs.

“The progress made at the Kokoseb gold discovery over the past year has been exceptional and has been recognised by existing and new shareholders as a new gold district within Namibia, a highly regarded jurisdiction by the global mining industry.

“The placement is an important step in the transition of Wia into Namibia’s leading gold exploration company, but also accelerates the development of Kokoseb into Namibia’s next gold mine,” says executive chairperson Josef El-Raghy.