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The underwriters Sprott, Cormack and BMO exercised an option to increase the size of the raising, with the funds to go toward ongoing work at West African Resources’ Sanbrado project.
The strong interest in the stock comes with West African Resources having ongoing high grade drilling success, with a resource due next quart and development likely to be kicked off next year.
The project had been development-ready earlier this year, but that strategy was put on hold given the high grade depth potential evident at the M1 South deposit .
Six rigs are currently on site at the project with drilling being undertaken 24/7.
West African Resources now has more than A$30 million at its disposal given $7.5 million ‘in the money’ options.
Shares in West African Resources were at 36.5c last week, capitalising the company at $177 million.
