West African Iron Ore Announces Additional Funding Agreement, Provides Corporate Update


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West African Iron Ore Corp. (WAI.V) has arranged a $2 million unsecured convertible debenture financing agreement with Sky Alliance Resources Inc. (SARI).

The funding will be available by way of up to four draw downs of $500,000. Each draw down will be in the form of a convertible debenture with a term of 5 years and an 8% annual interest rate.

Update on Technical Report

The Company expected to release its NI 43-101 technical report in Q2; however, management has just been informed that the beneficiation tests have been delayed by several weeks.

Changes to the Board of Directors:

Craig Angus and Harald Ludwig have resigned as directors of the Company. Philip O'Neill will with immediate effect be nominated a director of the Company. He is a founder, Chief Executive Officer, and Director of Sunward Resources.

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This article appears in: Investing , Commodities

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