Namco inks Leviev deal

With shareholder and regulator approvals, Namibian Minerals (NMR-T) has issued 37.7 million treasury shares to the Leviev Group of Israel to net US$15 million in proceeds.

The deal brings to US$27 million the amount the company has raised on the market since placing certain subsidiaries into provisional liquidation earlier in the year. Accordingly, its Namibian subsidiaries have been returned to management’s control, and efforts are now focused on advancing the Nam2 mining system to commercial production.

By the end of May, Namco intends to launch its MV Zacharias vessel off the coast of Namibia in an effort to explore areas of thin sediment cover. The Wirth exploration drill rig is expected to follow later in the year. The Leviev Group is now Namco’s largest shareholder and sole marketing agent.