Middle Island Resources (ASX: MDI) is a gold exploration company with interests in Burkina Faso, Niger and Liberia. Middle Island Resources was established to deliver a value by exploring and developing high quality gold assets within West Africa.
Middle Island Resources (ASX: MDI) has gained a new substantial shareholder, with Acorn Capital taking up a 6.43% interest in the company.
Acorn spent $3.24 million between February 27 and May 4, 2012, to take up more than 8 million Middle Island shares.
Middle Island has its sights set on establishing a minimum 1 million ounce gold JORC Resource in West Africa by December 2012.
In March 2012 the company raised A$10 million in its first capital raising since listing on the ASX in December 2010, showing strong investor support for Middle Island’s projects.
Funds from the raising were to go towards supporting the acceleration of exploration at the company’s advanced gold projects in West Africa.
Middle Island is particularly focused on advancing its assets in Liberia and Burkina Faso.
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