PERTH (miningweekly.com) – Dual-listed junior West African Resources has completed a A$3-million capital raising to fund drilling and scoping studies for its heap leach project in Burkina Faso.
The ASX- and TSX-listed company had issued some 23.1-million shares, at 13c each, to raise the funds.
MD Richard Hyde said on Wednesday that the company was “delighted” with the continued support from its existing shareholders, as well as the confidence shown by new investors joining the register.
West African was hoping to deliver a resource upgrade at its Mankarga 5 project by the end of this quarter, and to complete a scoping study by the first half of the year.
The scoping study would have a direct focus on a low-cost heap leach starter project, targeting near-term cash-flow for the company from Mankarga 5, as well as nearby prospects.