Exercise of Macquarie Bank Options Adds $5.7m to Treasury
Scarborough , Australia (FSCwire) - West African Resources (ASX, TSXV: WAF) is
pleased to announce the Commodity Markets and Finance Division of Macquarie Bank Limited (Macquarie) has exercised 40,545,224
unlisted options (Options) ahead of their 30 September 2017 expiry date. The Options were exercisable at A$0.14 and add a
further $5.7m to treasury, bringing the Company’s current cash balance to approximately A$30 million.
The Options relate to a US$5 million loan facility, which the company entered into in December 2014 and repaid in
August 2016.
Funds will be applied to work programs and exploration drilling which will be ramping up in October 2017, after the current wet
season.
Managing Director Richard Hyde commented:
“We welcome Macquarie Bank as a substantial shareholder.
“Additional funds will be applied to accelerate drilling programs at the M1 South and M5 deposits.
“The Company remains on track to deliver a resource update in Q3 2017, and an updated Feasibility Study incorporating both
open pit and underground mining in mid-2018.”
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announcement
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/westafrican08222017_0.pdf
Source: West African Resources Ltd (TSX Venture:WAF)
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