Waraba Gold Limited Expands Operations in Ivory Coast Amid Mali Suspension

Waraba Gold Limited is set to acquire an 80% stake in Somaco Global Resources in Ivory Coast to bolster its exploration efforts. The company is also raising US$500,000 through unsecured debentures and is poised to strengthen its technical team. Operations in Mali are suspended due to security issues, but Waraba remains committed to its projects in the region.

Waraba Gold Limited (TSE:WBGD) has announced its intent to enhance its position in West Africa by acquiring up to 80% of Somaco Global Resources SARL, located in Ivory Coast. This entity currently holds two promising gold license applications, which will significantly extend Waraba’s exploration capabilities. Furthermore, the company is reinforcing its leadership by appointing two seasoned geologists to its board to better its technical expertise.

To support its commitments outlined under the earn-in term sheet, Waraba is set to raise US$500,000 through the issuance of non-convertible unsecured debentures. In contrast, operational activities in Mali are currently halted due to prevailing security concerns. However, the company remains dedicated to the Fokolore Gold Project and is poised to resume operations when the situation stabilizes in the region.

Waraba Gold Limited specializes in the acquisition and exploration of mineral properties. It operates as a reporting issuer in British Columbia and Alberta, with its common shares quoted on the Canadian Securities Exchange under the symbol ‘WBGD’ and on the Frankfurt Stock Exchange under the symbol ‘ZE0’. The current market capitalization stands at C$1.62 million, with an average trading volume of 12,214 shares, reflecting a technical sentiment that suggests a buy recommendation.

In conclusion, Waraba Gold Limited is strategically enhancing its exploration capabilities by acquiring a substantial stake in Somaco Global Resources in Ivory Coast. The appointment of experienced geologists to the board and the financial strategy to raise US$500,000 further cement the company’s commitment to growth. Despite the operational suspension in Mali, Waraba remains focused on the Fokolore Gold Project, awaiting improved conditions to continue its activities.

Original Source: www.tipranks.com