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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