West African completes Channel buy
PERTH (miningweekly.com) – ASX-listed West African Resources has successfully completed the acquisition of TSX-listed Channel Resources, after shareholders approved the deal in December.
West African had now issued more than 32-million ordinary shares and 14.9-million three-year share purchase warrants, exercisable at 40c each, to former Channel shareholders.
In addition, the miner had also issued 1.36-million share purchase options in exchange for Channel options.
The new shares and warrants would start trading on the TSX this week, under the symbol WAF, while share trading in Channel had been halted immediately.
“We are pleased to have completed the acquisition which will see Channel’s Tanlouka project become a key part of our project portfolio in Burkina Faso,” said West African MD Richard Hyde.
Tanlouka is adjacent to the company’s existing Boulsa project and already has a known gold resource.
Hyde said that the junior would start work at Tanlouka with initial drilling programmes focused on improving the oxide and transitional components of the Mankaraga 5 resource, while also targeting higher-grade mineralisation at depth, with diamond drilling leading to a resource upgrade by the end of the first quarter.
“Scoping studies will be completed in the first half of 2014 with a focus on creating a low-cost heap leach starter project, targeting a near-term cash flow from the combination of West African’s and Channel’s near-surface gold assets,” Hyde said.
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