https://www.miningweekly.com

West African raises $21m to accelerate Tanlouka project

10th August 2016

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – ASX-listed West African Resources on Wednesday said it has received commitments for a $21-million raising for the continuing development of its Tanlouka gold project, in Burkina Faso.

The funds, raised through the placement of 70-million shares at a price of A$0.30 apiece, allowed further resource and exploration drilling at the project, as well as the fourth-quarter completion of a definitive feasibility study (DFS).

The proceeds will also be used to start early civil works, including the construction of a camp facility, ablutions and water storage facilities, besides others.

“We will accelerate the drilling programmes with the aim of including further high-grade mineralisation in the next resource update,” said West African MD Richard Hyde.

It also enabled the gold developer to strengthen its balance sheet and fully repay its $5-million debt facility with Macquarie Bank ahead of the maturity date.

Post the completion of the raising, the company will have $30-million in cash at bank.

Edited by Creamer Media Reporter

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.148 0.184s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: