Waraba Gold Limited plans to acquire 80% of Somaco Global Resources in Ivory Coast, enhancing its exploration efforts. The company will raise US$500,000 through debentures and has suspended Mali operations due to security concerns while remaining dedicated to the Fokolore Gold Project.
Waraba Gold Limited has recently announced its intention to acquire up to 80% of Somaco Global Resources SARL situated in Ivory Coast, which holds two promising gold license applications. This initiative is complemented by the appointment of two seasoned geologists to its board, aiming to bolster Waraba’s technical capabilities and expand its exploration activities in West Africa. Furthermore, the company intends to raise US$500,000 through non-convertible unsecured debentures to support initial commitments under the earn-in term sheet.
Simultaneously, operations in Mali remain suspended due to security concerns; however, Waraba Gold retains its commitment to the Fokolore Gold Project, awaiting a stable environment before resuming activities. Waraba Gold Limited operates as a resource exploration company dedicated to acquiring and exploring mineral properties, and is a reporting issuer in British Columbia and Alberta. Its common shares are traded under ‘WBGD’ on the Canadian Securities Exchange and ‘ZE0’ on the Frankfurt Stock Exchange.
In summary, Waraba Gold Limited is strategically solidifying its position in Ivory Coast through the acquisition of a significant interest in Somaco Global Resources and bolstering its board with expert geologists. The company is also pursuing funding to initiate exploration commitments while facing operational challenges in Mali due to security issues. These developments signify Waraba’s commitment to expansion despite current adversities.
Original Source: www.tipranks.com
