Azumah raises $11m capital

Perth-based West African gold miner Azumah Resources has secured $11.16 million capital through an institutional share placement.

The capital raising efforts were part of its push to fasttrack exploration and development of its 100 per cent owned Wa Gold Project in north-west Ghana.

The capital raising, comprising an issue of 27.9 million shares at 40 cents per share, has
been allocated to North American and Australian institutional investor clients of Toronto
based Clarus Securities, Melbourne/Sydney/Hong Kong based BGF Equities and Perth
based Blackswan Equities.

The capital raising was at twice the price of the previous raising last October and aims to broaden Azumah's shareholder base and introduce North American institutional investors onto its share register.

The funds raised will bolster Azumah's working capital to over A$16 million and will be primarily directed towards a major expansion of exploration and drilling.