Namib Minerals set for Nasdaq debut following SPAC deal

Namib Minerals will make its debut on the Nasdaq exchange this Friday, June 6, following the completion of its merger with US-based blank check company Hennessy Capital Investment Corp. VI. (HCVI). As previously disclosed, it will trade under the ticker symbol “NAMM”.

In June 2024, HCVI announced its plans to acquire Namib and create an established gold producer based in Africa. The purchase consideration comprised 50 million Namib ordinary shares, with a pre-money enterprise value of $500 million. An additional 30 million shares valued at $300 million are issuable once certain milestones are achieved.

With an implied pro forma combined enterprise value of $609 million, the proposed transaction represents the largest SPAC (special purpose acquisition company) deal involving an African company.

The deal has since received all necessary approvals, including those by shareholders of HCVI as well as Greenstone Corp., an affiliate of Namib and its co-registrant with the SEC.

Moving forward, Namib’s management team will lead the combined business, which has three gold mining assets located along the Bulawayo greenstone belt of southern Zimbabwe. The How mine is currently the only one in operation.

According to the company, How represents a high-grade, cash-generating gold asset that has been in production since the early 1940s. Proceeds of the transaction are expected to fund upgrades at the mine, as well as the proposed restart of the Mazowe and Redwing mines.

In addition to the Zimbabwe mine assets, the company also holds exploration permits in the Democratic Republic of Congo, targeting copper and cobalt resources.