馃嚦馃嚘NamibiaSouthern Africa
Ongwe Minerals closes capital raise early due to high investor demand
via The Namibian1 min read
Ongwe Minerals Inc. has concluded its capital raise for Namibian investors ahead of schedule, as demand surpassed the available shares. Cirrus Securities, managing the Namibian portion of the capital raise, confirmed that the offer was fully subscribed before the Friday 17:00 deadline, stating that no further subscriptions would be accepted. Ongwe Minerals, a mineral exploration company listed on both Canadian and Namibian stock exchanges, had announced plans to raise up to CAD10 million N$116.5 million through share sales. The offer, which opened on Friday morning, allowed Namibian investors to purchase shares at CAD1.38 each N$16.35. The funds raised are intended for exploration work, primarily on its Namibian properties, and for general corporate purposes and working capital. Ongwe Minerals operates three gold exploration projects in Namibia: the Omajete Gold Project, the Khorixas Gold Project, and the Outjo Gold Project, in addition to a gold exploration project in Egypt. Cirrus Securities had cautioned potential investors about the high risks associated with investing in mineral exploration companies, highlighting the speculative nature and uncertainties involved.
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by The Namibian.
The Ovambanderu community will gather in Okahandja to mark the 130th anniversary of the execution of Chief Kahimemua Nguvauva, an early anti-colonial resistance leader in Namibia. Uazenga Ngahahe, spokesperson for the Ovambanderu Traditional Authority, described Nguvauva as a courageous leader who resisted German colonial expansion in the late 19th century. Ngahahe stated that Nguvauva's efforts to defend his people's land, culture, and independence led to armed conflict with German colonial forces. His execution, along with Nicodemus Kavikunua's, became a symbol of courage and sacrifice, and he is now recognized as a Namibian national hero who laid the groundwork for later struggles against colonial rule. Ngahahe emphasized that Nguvauva fought for all Namibians, not just the Ovambanderu people, to ensure future generations would have land and freedom. He stressed the importance for young Namibians to learn about leaders like Nguvauva and the resistance movements that shaped the country's history. The commemoration program will include praise songs, poetry, historical presentations, and storytelling sessions. The event will also reflect on the persecution faced by Nguvauva's family and clan after his execution. Ngahahe encouraged all Namibians to attend, viewing it as a significant chapter in Namibia's history and its pursuit of freedom and justice, and called for respectful conduct at the sacred remembrance site.
Namibians have donated N$700,000 to Cuba through the Namibia National Solidarity Campaign in Support of Cuba, launched in April. Campaign chairperson Helmut Angula stated the funds will be used to procure critical medical supplies for Cuba, which is facing a humanitarian crisis due to an ongoing commercial and financial blockade by the United States. Angula highlighted that a US-imposed fuel blockade has exacerbated the situation, with only one oil tanker reaching Cuba since January. The campaign aims to ensure life-saving medical supplies reach those in need, though the logistics for sending the supplies have not yet been finalized. Ambassador of Cuba to Namibia Sergio de la Uz thanked Namibians, noting that the situation in Cuba remains dire, with limited electricity and delayed medical operations due to hospital difficulties.
The National Petroleum Corporation of Namibia Namcor has stated that the decision to award Vitol a three-month contract to supply fuel to Namibia is "commercially beneficial" and "aligned with national objectives." This statement from Namcor on Friday addresses concerns raised by parliamentarians and former acting managing director Maureen Hinda-Mbuende, who suggested the Vitol deal sidelined the state oil company. Namcor spokesperson Utaara Hoveka explained that while Namcor has a role in securing fuel supply, the company is still recovering from past financial and operational weaknesses. The Namibian government provided N$1.2 billion to Namcor in April 2024 and an additional N$401 million in July and August 2025. Hoveka noted that Namcor has faced challenges in sourcing fuel, sometimes paying up to 75 cents more per liter than the basic fuel price and relying on guarantees. The current arrangement with Vitol offers more competitive pricing at the basic fuel price, reduces procurement and logistics risks, and ensures supply certainty. Energy minister Modestus Amutse informed parliament that Namcor had bid to supply fuel at 10 cents less per liter but required a financial guarantee the government was unwilling to provide. The Vitol agreement will conclude at the end of September, after which new regulations for bulk fuel procurement are expected.