Business
Waraba Gold Limited Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - March 25, 2025) - Waraba Gold Limited (CSE: WBGD) (FSE: ZE0) (OTC Pink: WARAF) (the "Company" or "Waraba") announces that: it has entered into an earn-in term sheet (the "Earn-In Term Sheet") to acquire up to 80% of Somaco Global Resources SARL, a company incorporated in Ivory Coast ("Somaco"), which holds two prospective gold licence applications, awaiting ministerial approval, in northern Ivory Coast, known as the Sirasso License and ...
About this update from Waraba Gold Limited
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - March 25, 2025) - Waraba Gold Limited (CSE: WBGD) (FSE: ZE0) (OTC Pink: WARAF) (the "Company" or "Waraba") announces that:","length":189,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"it has entered into an earn-in term sheet (the "Earn-In Term Sheet") to acquire up to 80% of Somaco Global Resources SARL, a company incorporated in Ivory Coast ("Somaco"), which holds two prospective gold licence applications, awaiting ministerial approval, in northern Ivory Coast, known as the Sirasso License and the Tengrela & Tiegba Licenses (collectively, the "Licences"). Additional details on the Earn-In Term Sheet, Somaco and the Licences are below;","length":494,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":494,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"it intends to raise up to US$500,000 as non-convertible unsecured debentures of the Company (the "Debentures") which will mature 12 months from issuance. The funds raised by the Company will be utilized to fund the initial commitments under the Earn-Term Sheet In and general working capital; and","length":306,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":306,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"in connection with the Earn-In Term Sheet, the Company intends to appoint two nominees of Somaco as directors of the Company, both of whom are senior geologists and mining entrepreneurs whose technical knowledge and local experience will provide significant benefits to the Company and boost the board's technical competence.","length":329,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":329,"olType":false},{"type":"text","content":"Ivory Coast Earn In Details","length":27,"tagName":"p"},{"type":"text","content":"Under the terms of the Earn-In Term Sheet, between the Company, Somaco and the shareholders of Somaco (the "Vendors"), the Company will be able to earn-in up to 80% of Somaco over the next 4 years.","length":207,"tagName":"p"},{"type":"text","content":"The initial consideration to be paid to the Vendors is US$500,000 and payment will be made within the next two months; an additional US$1.5 million...