JOHANNESBURG (miningweekly.com) – ASX-listed Azumah Resources has raised $5,25-million through a share placement to accelerate exploration at its Wa-Lawra gold project in Ghana.

Azumah said on Tuesday that the funds would also be used for the Wa project, subject to the successful completion of its acquisition from Crew Gold Corporation.

Perth-based Blackswan Equities agreed to place, to local and international institutional and sophisticated investors, some 58,33-million fully paid ordinary shares, at a price of $0,09 a share.

The share placement was to be completed in two tranches. Tranche 1 would be issued immediately and would see an estimated 8,11-million shares placed at 9c a share, to raise $730 323 by May 22.

The second tranche would see the placement of around 50,2-million shares at 9c a share, to raise a further $4,5-million. These shares would be issued subject to shareholder approval to be obtained at a general meeting of shareholders which was likely to be held in June.

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