West African Resources Completes 10% Placement Raising $3 Million to Fund Further Drilling and Scopiadmin
West African Resources Completes 10% Placement Raising $3 Million to Fund Further Drilling and Scoping Study for Gold Heap Leach Project
Not for Distribution to United States Newswire Services or for Dissemination in the United States
Subiaco, Alberta CANADA, March 25, 2014 /FSC/ – West African Resources Ltd (WAF – TSX Venture, WAF – ASX), 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.
For further information contact:
Ph: 0413 874 740
Ph: 0420 582 887
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a PDF file, click onto the following link:
Unit 14, 531 Hay Street,
Subiaco WA 6008, Western Australia
T: + 61 8 9481 7344
F: + 61 8 9481 7355
ACN: 121 539 875
Source: West African Resources Ltd (TSX-V: WAF) http://www.westafricanresources.com
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Posted: March 26th, 2014 under FSCWIRE.