Waratah Resources (ASX:WGO) has issued 45,454,546 fully paid ordinary shares at an issue price of $0.0022 per share to raise around $100,000 under a share placement to sophisticated investors.
There were no fees payable under the placement and dilution to current shareholders was kept to a minimum.
This will fund ongoing development of the Australian commodities business, to continue to evaluate and assess the Company’s exploration assets in Gabon.
Waratah recently signed a non binding letter of intent agreement with Amanie Holdings to form a joint venture to assist with funding the commodity trading business.
Amanie is one of the leaders in Shariah advisory and consultancy services.
Waratah's African division was established to progress the development of Waratah’s flagship asset in Gabon, the Mekambo-Est Iron Ore Project.
Exploration work was taken out in the mid 20th century by the French Government and remains highly prospective for different metals. Before the break-up of the tectonic plates – Gabon was attached to north eastern Brazil. This resulted in similar rock types, structures and formations with similarities for iron ore, gold and copper.
Mekambo-Est Iron Ore Project Mekambo licence was granted in 2011 after surveys and GPS mapping confirmed the licence area was located wholly within the boundary of The Republic of Gabon.
The licence covers an area of over 1224km2. Extensive work has been completed on site and the surrounding area.
