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Azumah Resources wraps up entitlements issue and bags cash for Wa Gold Project

The new funds will be allocated to the Wa Gold Project in Ghana.
Azumah Resources wraps up entitlements issue and bags cash for Wa Gold Project
The Wa Project hosts a multi-million ounce gold resource

Azumah Resources Ltd (ASX:AZM) was well supported by shareholders in the recent entitlements issue, with a 57% take-up.

The issue was priced at $0.02, with investors already sitting on a 15% paper gain based on the last traded price of $0.023.

The shortfall will be placed with underwriter Paterson’s Securities, and in total the issue will raise $2.33 million before costs.

The funds raised will strengthen the company’s ability to deliver on a variety of initiatives in the coming months at its Wa Gold Project in Ghana, West Africa.

The project hosts 2.1 million gold ounces at 1.5g/t gold. This includes 1.4 million gold ounces in the Measured and Indicated categories at 1.7g/t gold.

Stephen Stone, managing director, commented:

"The solid support of the rights issue by existing shareholders represents a strong endorsement of the company’s repositioning for its next growth phase following the completion last week of its Earn-In and Shareholders Agreement with private equity group, Ibaera Capital.

"We welcome to the register our new shareholders and look forward to them also participating in a swift unlocking and adding of value to the Wa Gold Project by the newly formed partnership."

WATCH NOW: Details on A$17 million earn-in deal

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