Waraba Gold Limited is acquiring up to 80% of Somaco Global Resources in Ivory Coast, focusing on gold exploration. The company plans to raise $500,000 through debentures to fund its commitments. Operations in Mali are suspended due to security concerns, while Waraba maintains its commitment to the Fokolore Gold Project.
Waraba Gold Limited has made significant strides by planning to acquire up to 80% of Somaco Global Resources SARL in Ivory Coast. This entity holds two promising gold license applications that align with Waraba’s goal to broaden its exploration activities in West Africa. To bolster its technical capabilities, Waraba has also appointed two new geologists to its board.
The company aims to raise USD $500,000 through the issuance of non-convertible unsecured debentures to support its initial commitments under a term sheet linked to the acquisition. However, operations in Mali have been suspended due to ongoing security issues, with Waraba remaining focused on the Fokolore Gold Project and patiently awaiting an improved operational climate to restart activities.
Waraba Gold Limited specializes in mineral resource exploration and is a recognized reporting issuer in British Columbia and Alberta. Its shares are traded on the Canadian Securities Exchange (CSE) under the ticker symbol ‘WBGD’ and on the Frankfurt Stock Exchange as ‘ZE0’. The current market capitalization sits at C$1.62 million, with an average trading volume of 12,214 shares. The technical sentiment indicates a ‘Buy’ signal for the stock.
Waraba Gold’s acquisition of Somaco Global Resources SARL represents a strategic expansion in the Ivory Coast, enhancing its exploration capabilities amidst challenges faced in Mali. The planned fundraising through debentures will support initial commitments, while the recent board appointments strengthen the company’s technical expertise. Waraba remains focused on its projects and is poised to navigate the security challenges effectively.
Original Source: www.tipranks.com
