West African Resources (WAF) has announced an underwritten placement and SPP to raise $48.2m and a US$200m debt finance facility. WAF is now fully funded for development of its Sanbrado Project in Burkina Faso. Portal establishment is underway and a DFS update is due in Q1CY19 along with first debt drawdown and commencement of major works. First gold is due in Q32020. Recent deeper drilling at M1 South suggests the potential to extend reserves and thus backfill the mine life from year 6 onwards. WAF remains a quality project that is now funded to production, whilst execution risk remains, the first mover advantage could pay off longer term in WAF potentially moving into a predatory role against other players in the region.
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