West African Resources has completed a $4.4 million share placement to fund exploratory drilling at its Sartenga gold deposit in Burkina Faso.
The placement, which was taken up by technically focused institutional investors and high net worth individuals, was priced at 20 cents per share.
West African said the funds would be used to commence drilling out Sartenga, which is part of the Boulsa gold project, initially using large contractor diamond rigs, then moving on to company owned air core RC and diamond rigs.
The placement was arranged by Blackwood Capital.
"We are delighted with the tightly placed raising which enables us to accelerate the drill-out of our exciting and large-scale copper-gold discovery at Sartenga," managing director Richard Hyde said.
At 1:00PM, West African stocks were down 9.8 per cent, trading at 23 cents.