West African Resources Raises $35 Million to Advance Pre-Development Work at Sanbrado Gold Project, page-24

@binwood

I don’t know if it has been discussed much here but debt would be the favourable option IMO considering the number of shares already on issue. I’ve been using the Orbis Gold TO as the example of what I think will happen to WAF. SEMAFO even borrowed US$60 million to fund part of that takeover offer.

http://www.copyright link/business/...funds-for-orbis-gold-takeover-20141201-11xwoy

This TO happened close to the low point in the gold cycle as well which goes to show getting money from banks for projects in this jurisdiction shouldn’t be hard if the quality of the project is good enough. The sentiment towards gold and gold companies, although currently low, is higher than back in 2014 IMO.

I don’t know if you’ve followed this story closely but there are major synergies with B2 Gold’s yet to be developed Toega gold deposit. The combined deposits with Orezone’s Bombore deposit are defining a new large scale gold camp in this part of Burkina. I’ve got little doubt WAF is a prize for any company who wants a Tier 1 gold project in an emerging multi million oz gold camp. The obvious candidate to take over WAF is B2 Gold but IMO the prize will be big enough for any large ambitious miner to cement its name on this camp with Sandbrado at the centre.Esh