Waraba Gold Limited has announced plans to acquire an 80% stake in Somaco Global Resources SARL in Ivory Coast, alongside raising US$500,000 through debentures to fund exploration activities. The company remains committed to its projects in Mali, specifically the Fokolore Gold Project, despite current operational suspensions due to security concerns.
Waraba Gold Limited has announced a strategic initiative to acquire an 80% stake in Somaco Global Resources SARL, located in Ivory Coast, which possesses two promising gold license applications. This move aims to bolster Waraba’s exploration efforts and enhance its technical capabilities through the appointment of two seasoned geologists to its board.
In raising funds for its initial commitments under the earn-in term sheet, Waraba plans to secure US$500,000 via non-convertible unsecured debentures. Despite facing operational challenges due to security issues in Mali, the company remains dedicated to advancing the Fokolore Gold Project, pending a more stable operational environment to resume activities.
Waraba Gold Limited specializes in the exploration and acquisition of mineral properties and is a recognized reporting issuer in British Columbia and Alberta. The company’s shares are publicly traded on the Canadian Securities Exchange under the ticker ‘WBGD’ and on the Frankfurt Stock Exchange as ‘ZE0’. The company’s current market capitalization stands at C$1.62 million, with an average trading volume of 12,214 shares.
Waraba Gold Limited’s recent acquisition strategy and leadership enhancements aim to expand its operational reach in West Africa while addressing funding needs for its exploration activities. The commitment to the Fokolore Gold Project highlights the company’s resilience despite operational hurdles in Mali. Overall, these strategic moves position Waraba for potential growth in the gold mining sector.
Original Source: www.tipranks.com
