West African secures $3 million from investors

West African Resources has raised $3 million to fast-track the development of a processing plant and exploration at its Moktedu gold project in Burkina Faso.

The Perth-based explorer said it had completed a placement to existing shareholders and high net-worth individuals to raise the funds, with the issue price of 15 cents per share.

Managing director Richard Hyde said the company received significant support from its existing and new shareholders.

“Together with our existing capital, the funds raised will fast-track the development of our new low capex gold heap leach project,” Mr Hyde said.

The funds will also be put towards resource definition drilling at Moktedu.

At close of trade today, West African shares had fallen 11 per cent, to finish at 16 cents.