West African Resources raised $150 million through a firm placement of approximately 109.5 million new shares at $1.37 per share.

Proceeds will accelerate the development of the company's Kiaka Gold Project, primarily allocated to acquiring a mining fleet, setting up mining facilities, and purchasing exploration drill rigs.

Funds raised complement existing cash and unsold bullion, totalling $484 million.

The Kiaka Gold Project aims to be a long-life, low-cost gold production site, averaging 234,000 ounces annually over 20 years at an all-in sustaining cost of US$1,196 ($1,781) per ounce.