Completes 10% Placement Raising $3 Million to Fund Further Drilling and Scoping Study for Gold Heap Leach Project
Perth, Mar 26, 2014 AEST (ABN Newswire) - West African Resources (
ASX:WAF) (CVE:WAF) is pleased to announce that it has completed a 10% placement raising $3 million, before costs, by issuing 23.1 million ordinary shares at 13 cents. The placement was well supported by existing shareholders and high-net-worth individuals.
Managing Director Richard Hyde said: "We are delighted with the continued support from existing shareholders and the belief shown by new shareholders joining our register.
"The funds raised, along with our existing capital, will be used to fund further drilling and a scoping study for a low capex gold heap leach project in Burkina Faso."
The Company expects to deliver a resource upgrade for its Mankarga 5 Project by the end of this quarter, and complete a scoping study in the first half of calendar 2014. The scoping studies will have a direct focus on a low-cost heap leach starter project, targeting near term cash-flow for the Company from the Mankarga 5 deposit and nearby prospects.
West African has set a goal of being a +50,000oz per annum gold producer within two years, subject to study outcomes.
The placement was completed by Blackwood Capital Limited and made in accordance with the Company's available 15% capacity pursuant to ASX Listing Rule 7.1. New shares will have an issue price of 13 cents and will rank equally with existing WAF ordinary shares quoted on the ASX and TSX-V.
Completion of the placement and settlement is anticipated to occur on Wednesday April 2, 2014.
About West African Resources Limited
West African Resources Limited (
ASX:WAF) (CVE:WAF) is a gold-copper exploration company dedicated to creating shareholder value through the acquisition, exploration and development of resource projects in Burkina Faso, West Africa.
West African has a landholding of 6,370sq km and 200km of strike length of early Proterozoic Birimian greenstone belts, which are highly prospective for gold mineralisation.
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