Waraba Gold Limited Completes Initial Payment and Plans for Share Issuance Under Ivory Coast Earn-In Agreement
Waraba Gold Limited (WARAF) has completed an initial payment of US$300,000 as part of an earn-in agreement to acquire up to 80% of Somaco Global Resources SARL. The agreement involves two prospective gold license applications in northern Ivory Coast:
- Sirasso License (369.34 km²) located along the Senoufou greenstone belt, near Barrick Gold's Tongon Mine
- Tengrela License (398.7 km²) situated between Sissengue and Mahale permits
The next milestone includes issuing 6 million new common shares, paying an additional US$200,000 to vendors, and appointing two Somaco nominees as directors. This marks Waraba's strategic entry into West Africa's gold exploration corridor.
Waraba Gold Limited (WARAF) ha effettuato un pagamento iniziale di 300.000 USD nell'ambito di un accordo di earn-in per acquisire fino al 80% di Somaco Global Resources SARL. L'accordo riguarda due potenziali licenze aurifere nel nord della Costa d'Avorio:
- Licenza Sirasso (369,34 km²), situata lungo la cintura di rocce verdi di Senoufou, vicino alla miniera Tongon di Barrick Gold
- Licenza Tengrela (398,7 km²), posizionata tra i permessi di Sissengue e Mahale
Il prossimo traguardo prevede l'emissione di 6 milioni di nuove azioni ordinarie, il pagamento di ulteriori 200.000 USD ai venditori e la nomina di due rappresentanti di Somaco come direttori. Questo segna l'ingresso strategico di Waraba nel corridoio di esplorazione aurifera dell'Africa occidentale.
Waraba Gold Limited (WARAF) ha completado un pago inicial de 300,000 USD como parte de un acuerdo de earn-in para adquirir hasta el 80% de Somaco Global Resources SARL. El acuerdo involucra dos posibles solicitudes de licencias de oro en el norte de Costa de Marfil:
- Licencia Sirasso (369,34 km²) ubicada a lo largo del cinturón de greenstone Senoufou, cerca de la mina Tongon de Barrick Gold
- Licencia Tengrela (398,7 km²) situada entre los permisos de Sissengue y Mahale
El siguiente hito incluye la emisión de 6 millones de nuevas acciones ordinarias, el pago adicional de 200,000 USD a los vendedores y el nombramiento de dos nominados de Somaco como directores. Esto marca la entrada estratégica de Waraba en el corredor de exploración de oro de África Occidental.
Waraba Gold Limited (WARAF)는 Somaco Global Resources SARL의 최대 80%를 인수하기 위한 어른인 계약의 일환으로 초기 300,000 미국 달러를 지불했습니다. 이 계약은 코트디부아르 북부의 두 개 금광 라이선스 신청과 관련되어 있습니다:
- Sirasso 라이선스 (369.34 km²)로 Senoufou 그린스톤 벨트에 위치하며 Barrick Gold의 Tongon 광산 근처에 있습니다
- Tengrela 라이선스 (398.7 km²)로 Sissengue와 Mahale 허가 사이에 위치합니다
다음 단계는 600만 주의 새 보통주 발행, 공급자에게 추가 20만 달러 지급, 그리고 Somaco 지명인 2명을 이사로 임명하는 것입니다. 이는 Waraba가 서아프리카 금 탐사 지역에 전략적으로 진입하는 것을 의미합니다.
Waraba Gold Limited (WARAF) a effectué un paiement initial de 300 000 USD dans le cadre d'un accord d'earn-in pour acquérir jusqu'à 80% de Somaco Global Resources SARL. L'accord concerne deux demandes potentielles de licences aurifères dans le nord de la Côte d'Ivoire :
- Licence Sirasso (369,34 km²) située le long du ceinturon de roches vertes de Senoufou, près de la mine Tongon de Barrick Gold
- Licence Tengrela (398,7 km²) située entre les permis de Sissengue et Mahale
La prochaine étape comprend l'émission de 6 millions de nouvelles actions ordinaires, le paiement supplémentaire de 200 000 USD aux vendeurs et la nomination de deux représentants de Somaco en tant qu'administrateurs. Cela marque l'entrée stratégique de Waraba dans le corridor d'exploration aurifère de l'Afrique de l'Ouest.
Waraba Gold Limited (WARAF) hat eine erste Zahlung von 300.000 USD im Rahmen einer Earn-in-Vereinbarung geleistet, um bis zu 80% an Somaco Global Resources SARL zu erwerben. Die Vereinbarung betrifft zwei potenzielle Goldlizenzanträge im Norden der Elfenbeinküste:
- Sirasso-Lizenz (369,34 km²), gelegen entlang des Senoufou-Grünsteingürtels, nahe der Tongon-Mine von Barrick Gold
- Tengrela-Lizenz (398,7 km²), gelegen zwischen den Genehmigungen von Sissengue und Mahale
Der nächste Meilenstein umfasst die Ausgabe von 6 Millionen neuen Stammaktien, eine zusätzliche Zahlung von 200.000 USD an die Verkäufer und die Ernennung von zwei Somaco-Nominierten als Direktoren. Dies markiert Warabas strategischen Eintritt in den Goldexplorationskorridor Westafrikas.
- Strategic acquisition potential of up to 80% stake in two prospective gold licenses in Ivory Coast
- Proximity to established mining operations like Barrick Gold's Tongon Mine
- Addition of two experienced senior geologists to the board, enhancing technical expertise
- Expansion into a promising West African gold exploration region
- Additional cash payment of US$200,000 required for next milestone
- Share dilution from planned issuance of 6 million new common shares
- Licenses still pending ministerial approval
- Further milestone payments and exploration expenditures required to earn majority interest
Vancouver, British Columbia--(Newsfile Corp. - May 21, 2025) - Waraba Gold Limited (CSE: WBGD) (FSE: ZE0) (OTC Pink: WARAF) (the "Company" or "Waraba") is pleased to announce that it has completed the initial payment of US
Somaco holds two prospective gold licence applications (the "Licences"), awaiting ministerial approval, in northern Ivory Coast, as follows:
- Sirasso License - 369.34 km² located along the Senoufou greenstone belt, approximately 70 km south of Barrick Gold's Tongon Mine.
- Tengrela License - 398.7 km² situated between the Sissengue and Mahale permits, within a region geologically linked to the Syama mineralized shear zone.
Payment of the Initial Somaco Payment satisfies the first milestone outlined in the Earn-In Term Sheet, and marks a significant step toward establishing Waraba's presence in one of West Africa's most prospective gold exploration corridors.
In accordance with the terms of the Earn-In Term Sheet the next milestone will be for Waraba and the shareholders of Somaco (the "Vendors") to proceed to finalise the terms of a joint venture agreement, following which Waraba will:
- issue 6 million new common shares to the Vendors;
- pay the Vendors a further US
$200,000 ; and
- appoint two nominees of Somaco as directors of the Company, both of whom are senior geologists and mining entrepreneurs whose technical knowledge and significant local experience will provide significant benefits to the Company and boost the board's technical competence.
Waraba can increase its stake in Somaco to earn a majority interest in the Licenses with additional milestone payments and by financing exploration expenditure.
"We are excited to formally initiate this partnership with Somaco," said Carl Esprey, CEO of Waraba Gold. "This transaction secures access to two highly prospective gold licenses in a jurisdiction that continues to attract world-class discoveries."
About Waraba Gold Limited
The Company is a resource exploration company that is acquiring and exploring mineral properties. The Company is a reporting issuer in the provinces of British Columbia and Alberta. The Company's common shares trade on the Canadian Securities Exchange under the trading symbol "WBGD" and on the Frankfurt Stock Exchange under the trading symbol "ZE0".
For more information about the Company, please refer to the Company's profile available on SEDAR+ (www.sedarplus.ca).
On Behalf of the Board of Directors
Carl Esprey
Chief Executive Officer and Director
Telephone: +1 312 235 2605
Email: cesprey@warabagold.com
Forward-Looking Information and Cautionary Statements
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking information in this press release are based on certain assumptions and expected future events. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward- looking information, except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/252949
FAQ
What is the value of Waraba Gold's (WARAF) initial payment in the Somaco earn-in agreement?
How many shares will Waraba Gold (WARAF) issue for the next milestone of the Somaco agreement?
What are the two gold licenses Waraba Gold (WARAF) is acquiring in Ivory Coast?
What percentage stake can Waraba Gold (WARAF) acquire in Somaco Global Resources?
What are the next milestone requirements for Waraba Gold's (WARAF) Somaco agreement?
