West African Resources Limited (ASX: WAF) announced that it has received firm commitments from institutional and sophisticated investors for a placement of approximately 109.5 million new fully paid ordinary shares at an issue price of AU$1.37 per New Share, raising approximately AU$150 million. The Placement received strong support from both domestic and offshore institutions.
The funds raised will be used to support development activities at the Kiaka Gold Project, which is expected to be a long-life, low-cost project averaging 234,000 oz for 20 years at an all-in-sustaining cost of US$1,196/oz. The proceeds from the Placement will be primarily used to purchase an owner-mining fleet, establish owner-mining workshop facilities, and purchase exploration drill rigs to support the development of the Kiaka Gold Project. This development will enable West African Resources Limited to aim to be a multi-project +420,000ozpa gold producer from 2025.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
