Gold developer West African Resources Limited (ASX, TSXV: WAF) (West African or the Company) is pleased to announce the following financing package for the development of its Sanbrado Gold Project in Burkina Faso (Sanbrado):

• Credit approved US$200 million (A$278 million1) finance facility (the Debt Facility) with Taurus Funds Management Pty Ltd (Taurus). Key terms of the Debt Facility include competitive interest rates, no hedging requirement, early repayment flexibility and an ability to distribute and use free cash; provides West African with a highly flexible financing package.
   
• The Company is conducting a fully underwritten institutional placement to raise approximately A$43.17 million (Placement). The Placement comprises a single tranche with the issue of 172.7 million new ordinary West African shares and is underwritten at a price of A$0.25 per share (Offer Price).
   
• The Company is also conducting a non-underwritten Share Purchase Plan (SPP) to facilitate retail shareholder participation of up to A$15,000 per eligible shareholder at the Offer Price, subject to an overall cap of A$5.0 million (or 20.0 million shares) (the Placement and SPP together being the Offer).

Highlights

• WAF fully funded through to gold production at Sanbrado
   
• Credit approved US$200 million finance facility with Taurus Funds Management Pty Ltd
   
• Underwritten Placement for A$43.17 million
   
• On track for first gold production at Sanbrado in September quarter 2020

Managing Director Richard Hyde commented:

�We have worked for the past five months to get the best debt terms for shareholders. The award of the US$200 million debt mandate to Taurus follows a thorough competitive process involving technical due diligence, site visits and detailed negotiations.�

�We have one of the best undeveloped gold projects globally, an experienced project build team and we now are now fully funded and looking forward to getting Sanbrado into production in the second half of 2020.�

Click here to view the ASX announcement

Click here to view the capital raising presentation