Junior mineral exploration company Midas Minerals has secured commitments from new and existing institutional shareholders to raise A$11.5m through a share placement.

The funds will primarily be used to acquire the Otavi Copper Project in Namibia. The company will also use the proceeds to accelerate exploration at the Otavi and South Otavi Projects, and support working capital needs.

The placement will issue up to 31.08 million shares at A$0.37 each. The placement's issue price is at an 8.6% discount to Midas Minerals' last traded share price and a 0.5% premium to the 15-day volume-weighted average price.

The first tranche of the placement, comprising 31.02 million shares, will utilise the company's existing capacities under ASX (Australian Securities Exchange) Listing Rules and is expected to settle by 24 September 2025. This tranche does not require shareholder approval.

The second tranche, involving 55,000 shares, will be offered to non-executive director Michael Bohm to raise up to an additional A$20,350. This tranche requires shareholder approval, which is expected to be sought at a general meeting scheduled for early December 2025.

Canaccord Genuity (Australia) and Euroz Hartleys have been appointed as the lead and co-lead managers, respectively, for the placement.

Midas managing director Mark Calderwood said: “We are grateful for the support in this A$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.

“In May, we raised A$6.5m to go towards the acquisition costs and current exploration activities, and our 3,000m first-pass drilling at South Otavi is already under way”.

Besides its presence in Namibia, Midas Minerals holds the Newington and Challa projects in Western Australia and two lithium projects in Canada.

"Midas Minerals to raise funds for Namibian copper project acquisition" was originally created and published by Mining Technology, a GlobalData owned brand.

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