Azumah Resources

Azumah Resources has raised $19m on the Toronto Stock Exchange (TSX), taking cash reserves to $35m. This should be enough to complete 250km of planned drilling this year and a feasibility study of the Wa gold project, which could be mined as early as 2013. The new issue of 50m new shares at $0.38 is only available to Canadian-domiciled shareholders, so Australian investors need not do anything. Unsurprisingly, Azumah shares have been marked down locally to account for the issue but, despite the fall, funding for the ambitious drilling program is vital. And that program is beginning to bear fruit. Exploration results show that...

Azumah Resources has raised $19m on the Toronto Stock Exchange (TSX), taking cash reserves to $35m. This should be enough to complete 250km of planned drilling this year and a feasibility study of the Wa gold project, which could be mined as early as 2013. The new issue of 50m new shares at $0.38 is only available to Canadian-domiciled shareholders, so Australian investors need not do anything. Unsurprisingly, Azumah shares have been marked down locally to account for the issue but, despite the fall, funding for the ambitious drilling program is vital. And that program is beginning to bear fruit.

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