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 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.
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.