16/09/2014 - 11:38

Azumah to raise $1.2m from placement

16/09/2014 - 11:38

Bookmark

Save articles for future reference.

Azumah Resources has secured $1.2 million in funding for its Wa gold project in Ghana through a placement to existing shareholder, Caitlyn Limited.

Azumah to raise $1.2m from placement

Azumah Resources has secured $1.2 million in funding for its Wa gold project in Ghana through a placement to existing shareholder Caitlyn Limited.

The placement of 30 million new Azumah shares at 4 cents per share will result in Caitlyn becoming Azumah’s largest shareholder, with a 13 per cent interest.

The funds will be used to complete Azumah’s feasibility study and to drill several high-priority exploration targets at the Wa gold project.

Azumah announced earlier this month a 45 per cent increase in ore reserves at the Wa gold project to 624,000 ounces.

Azumah managing director Stephen Stone said Caitlyn’s increased commitment complemented other key investors and project participants, Ausdrill and Macquarie Bank.

Caitlyn is associated with United Arab Emirates-based gold refiner Fujairah Gold FZE, a wholly-owned subsidiary of UK listed global miner, Vedanta Resources plc.

Azumah shares last traded at 3.6 cents per share at 11.20am.

 

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options