A total of 159.8 million shares were issued in the second tranche at 1 cent per share together with a 1-for-2 attaching option exercisable at 2 cents.
The funds will be used for exploration programs at the newly acquired Burkina Faso gold projects and the Strickland Gold Project in WA.
All-scrip acquisition of Boromo
The company has obtained acceptances from 100% of Boromo Gold Ltd shareholders and all conditions to completion of the transaction have been satisfied.
It is anticipated that the all-scrip acquisition of Bormo will be completed by Monday August 26.
Boromo owns six exploration projects in Burkina Faso, West Africa with drill targets already identified at multiple projects with the potential for substantial gold discoveries.
A reverse circulation drilling program has also been completed at Bormo’s Divole East Project with 24 holes drilled for 2,385 metres (averaged depth 99 metres.).