Midas Minerals Secures $28M for Otavi Project in Namibia
Midas Minerals has raised $28 million through a share placement to further explore its Otavi Copper-Silver-Gold Project in Namibia. The funding will enable the company to enhance resource definition and conduct critical feasibility studies.
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Midas Minerals has raised $28 million by issuing approximately 37.3 million shares at $0.75 each, reflecting a 3.8% discount to its last closing price. This capital will support exploration efforts at the Otavi Copper-Silver-Gold Project, including diamond drilling at the T-13 deposit and reverse circulation drilling at the Spaatzu prospect.
Post-funding, the company's cash reserves are projected to reach $33 million. Settlement of the shares is scheduled for April 21. This financial boost may position Midas favorably for further development and de-risking of its projects amid a competitive mining landscape.
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