LONDON (Alliance News) - West African Minerals Corp Wednesday said it had raised about GBP2.44 million in a further placing, funds it will use to provide additional working capital and to accelerate the development of its Binga licence zone.
The iron ore mining and exploration company had raised about GBP3.7 million in a placing on February 5.
The second placing Wednesday involved the issue of a further 34.8 million shares at 7 pence each, plus one warrant for each placing share exercisable at 10 pence a share over the next three years.
"The additional investor demand for this placing is highly encouraging and will provide the flexibility to accelerate the development of our Binga licence," President Brad Mills said in a statement.
West African Minerals is planning a staged work programme at the Binga zone in Sierra Leone in 2014. Depending on the results of metallurgical test work, which it expects to receive in the first quarter, the money will fund ground-based geophysics work, additional infill drilling on geophysics to target an increased mineral resource, and conceptual studies on commercial operations including a port and terminal.
West African Minerals shares were down 1.8% at 7.12 pence Wednesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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