West African Resources Limited
(ASX:WAF) has raised $12.5 million from international and domestic institutional and sophisticated investors.
The raising includes a cornerstone investment of $4 million from a North American institutional investor with a leading position in the precious metals sector.
Shares are priced at $0.125 per share, with up to 100 million shares placed.
Funds raised will be put towards exploration drilling programs and a Definitive Feasibility study of its Tanlouka Gold project in Burkina Faso.
The placement will be completed in two tranches, the second tranche subject to shareholder approval in May later this year.
West African Resources reported a net loss of $3.89 million for the six months to the end of December 2015.
