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West African Resources Ltd trousers $12.5M from oversubscribed placement

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West African Resources Ltd (ASX:WAF, TSXV:WAF) will use funds from an oversubscribed $12.5 million share placement to aggressively pursue gold drilling at the Tanlouka Gold Project in Burkina Faso.

The company is placing 100 million shares at $0.125 each to international and domestic institutional and sophisticated investors to raise $12.5 million.

The $12.5 million commitment includes a cornerstone investment of $4 million from a leading North American institutional precious metals investor.

The funds raised will be applied towards an aggressive drilling program at the recent high-grade gold discovery at the M1 prospect within the company’s Tanlouka Gold Project in Burkina Faso.

Reverse circulation drilling over 300 metres of strike at the M1 delivered strong results, including 20 metres at 5.8 g/t gold from 68 metres depth, including 1 metre at 96.3g/t gold.

Another drill-hole returned 12 metres at 5g/t gold from 104 metres depth, including 6 metres at 8.2g/t gold.

The new activities at the M1 prospect will include exploration drilling as well as resource definition drilling to establish a maiden resource.

In parallel with the drilling program which is planned to continue throughout 2016, the company will undertake a Definitive Feasibility Study at the Tanlouka Gold Project.

 

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Quick facts: West African Resources Ltd

Price: 0.425 AUD

ASX:WAF
Market: ASX
Market Cap: $369.95 m
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