Australian gold exploration company West African Resources has completed latest capital raise at A$43.2 million ($31.2 million). 

West African Resources offered to sell 172.7 million new shares at a price of 25 cents each, representing 25 percent of the current number of ordinary shares on issue.

The investments will come from new and existing institutional shareholders for the fully underwritten placement.

With this capital raise, West African will be able to finance its Sanbrado project plans in Burkina Faso in the last quarter of 2020.