Waraba Gold Limited is set to acquire 80% of Somaco Global in Ivory Coast, enhancing its exploration initiatives. It plans to raise US$500,000 through debentures while operations in Mali remain on hold due to security concerns. The company continues to ensure growth and stability in West Africa.
Waraba Gold Limited (TSE:WBGD) has made significant progress with a new initiative to acquire up to 80% of Somaco Global Resources SARL in Ivory Coast. This company possesses two promising gold license applications, which aligns with Waraba’s goal to increase its exploration capabilities in West Africa. Furthermore, the board will be strengthened by the addition of two seasoned geologists, enhancing the company’s technical expertise.
To support its business commitments, Waraba intends to secure US$500,000 through non-convertible unsecured debentures. This fundraising will facilitate the company’s initial obligations as outlined in the earn-in term sheet. Concurrently, while operations in Mali are currently suspended due to security concerns, Waraba remains steadfast regarding the Fokolore Gold Project and is anticipating a return to operations once conditions stabilize.
Waraba Gold Limited specializes in resource exploration, focusing on acquiring and developing mineral properties. It is recognized as a reporting issuer within British Columbia and Alberta, with its shares traded on the Canadian Securities Exchange under the symbol ‘WBGD’ and on the Frankfurt Stock Exchange under ‘ZE0’. The company currently holds a market capitalization of C$1.62 million and enjoys a buy signal in technical sentiment, with an average trading volume of 12,214 shares.
Waraba Gold Limited is actively expanding its operations in the Ivory Coast while navigating challenges in Mali. The acquisition of Somaco Global Resources SARL promises to enhance its exploration capabilities, supported by new board member expertise. The fundraising initiative presents a strategic move to uphold commitment amidst operational suspensions caused by security issues.
Original Source: www.tipranks.com
