Waraba Gold Limited announced plans to acquire 80% of Somaco Global Resources SARL, expanding its gold exploration footprint in Ivory Coast. The company will raise US$500,000 through unsecured debentures to fund its activities while operations in Mali remain suspended due to security issues. Waraba is committed to the Fokolore Gold Project, awaiting better conditions to resume operations.
Waraba Gold Limited has initiated a notable expansion by seeking to acquire a controlling interest of up to 80% in Somaco Global Resources SARL, situated in Ivory Coast. This company possesses two promising gold license applications that could enhance Waraba’s exploration capabilities. Furthermore, the company has bolstered its technical expertise by appointing two experienced geologists to its board.
To support its exploration strategies, Waraba Gold intends to raise US$500,000 through non-convertible unsecured debentures, which will facilitate its initial obligations under the earn-in term sheet. Despite the strategic advancements, it is important to note that the company has temporarily suspended its operations in Mali due to security issues. Nevertheless, Waraba remains dedicated to its Fokolore Gold Project, diligently waiting for a more stable operational context to recommence its activities.
Waraba Gold Limited operates as a resource exploration firm that specializes in the acquisition and exploration of mineral properties. The company is recognized as a reporting issuer in British Columbia and Alberta, and its shares trade on the Canadian Securities Exchange under the ticker ‘WBGD’, in addition to trading on the Frankfurt Stock Exchange as ‘ZE0’. The average trading volume for Waraba Gold Limited stands at approximately 12,214 shares, and it currently holds a market capitalization of C$1.62 million.
In summary, Waraba Gold Limited has taken significant steps to expand its presence in the gold exploration sector of West Africa by acquiring new assets and appointing knowledgeable personnel. While facing challenges in Mali due to security concerns, the company maintains commitment to the Fokolore Gold Project, indicating resilience in its exploration pursuits. The financial strategy of raising funds through debentures further solidifies its commitment to growth and stability in the region.
Original Source: www.tipranks.com
