The raising is being priced at 31c, with the $2.5 million share purchase plan taking the raising to $11.5 million now underway on a "first come, first served" basis.
Deep Yellow had budgeted to have $6 million in the bank at the end of June.
As well as its exploration in Namibia, Deep Yellow said it has been "exploring various approaches for project expansion involving some sector consolidation".
It further said it was "currently engaged in discussions with multiple parties and further work is required to determine the most optimal avenue to maximise shareholder return".
Deep Yellow raised $15 million two years ago when it issued new shares priced at 25c each.
Shares in Deep Yellow were trading this week at 33.5c, capitalising the company at $67.4 million.
The stock was at trading at levels above 50c last September-October.