Key points
- The private placement and public offering raised subscriptions of 2,254,300 private shares and 183,500 public shares.
- Total proceeds were $8,481,172 at the commercial rand rate or $7,837,685 at the financial rand rate.
- The issue aimed to secure local institutional support and give Namibians the opportunity to buy shares.
- Proceeds will finance a bulk sampling program for which contracts have already been placed.
Namco has completed its dual listing on the Namibian stock exchange and the shares subscribed for have now been called for trading. There is a six month hold for trading of these shares on the VSE.
The total number of shares subscribed for under the terms of the private placement and public offering were 2,254,300 private and 183,500 public for total proceeds of $8,481,172 at the commercial rand rate or $7,837,685 at the financial rand rate.
The objectives of the issue were to secure local institutional support, and to provide Namibians with the opportunity of buying shares.
The proceeds will be used to finance a bulk sampling program program, contracts for which have been placed.
