Deep Yellow completed its oversubscribed share purchase plan, aiming to raise up to $30 million.

The share purchase plan, offering 24,489,795 shares at $1.25 each, received applications for approximately 36.8 million shares, totalling around $45 million.

The company will scale back applications pro-rata in line with share purchase plan terms and finalise share issuance by April 15.

The company plans to utilise the funds to advance core projects in Namibia and Western Australia.