PERTH (miningweekly.com) – ASX-listed West African Resources has completed a A$43.2-million share placement, issuing some 172.7-million shares, at a price of 25c each.
The share placement formed part of the company’s funding package to support the start of gold production at its Sanbrado project, in Burkina Faso.
The shares were placed to institutional investors under the company’s existing placement capacity, and the issue of these shares did not require shareholder approval.
In addition to the share placement, West African has also secured a credit approved $200-million finance facility with Taurus Funds Management, and will be conducting a share purchase plan to raise an additional A$5-million.
The $185-million Sanbrado project is currently expected to produce an average of 211 000 oz/y of gold over the first five years of operation, with production averaging 133 000 oz/y over the 11-year life-of-mine.