Waraba Gold Limited Expands Operations in Ivory Coast Amid Mali Challenges
Waraba Gold Limited is acquiring up to 80% of Somaco Global Resources SARL in Ivory Coast and appointing experienced geologists to enhance its exploration capacity. The company seeks to raise US$500,000 for its exploratory efforts, while operations in Mali are suspended due to security concerns. Waraba remains committed to the Fokolore Gold Project awaiting improved conditions.
Waraba Gold Limited (TSE:WBGD) has recently announced an acquisition strategy to secure up to 80% of Somaco Global Resources SARL, a company in Ivory Coast possessing two promising gold license applications. This initiative is complemented by the appointment of two skilled geologists to its board, aiming to boost Waraba’s technical capabilities and expand its exploration efforts across West Africa.
Furthermore, Waraba intends to raise US$500,000 through non-convertible unsecured debentures to fulfill its initial commitments under the earn-in agreement. Concurrently, operations in Mali are temporarily on hold due to security issues; however, Waraba is steadfast in its commitment to the Fokolore Gold Project and is awaiting a safe operating environment to recommence activities.
Waraba Gold Limited is primarily focused on the exploration and acquisition of mineral properties. The firm is recognized as a reporting issuer in British Columbia and Alberta, with its shares traded on the Canadian Securities Exchange (symbol ‘WBGD’) and the Frankfurt Stock Exchange (symbol ‘ZE0’). The company has reported an average trading volume of 12,214 shares and currently holds a market capitalization of C$1.62 million.
In summary, Waraba Gold Limited is expanding its operations in Ivory Coast by acquiring a significant stake in Somaco Global Resources SARL and reinforcing its technical team. The company is also pursuing funding options to support its exploration initiatives. Despite operational challenges in Mali, Waraba remains dedicated to its Fokolore Gold Project, highlighting its resilience and strategic planning in the West African gold mining sector.
Original Source: www.tipranks.com
