(Ecofin Agency) - Sarama Resources, a company active in Burkina Faso’s gold sector, has just announced a C$4 million fundraising through the private placement of 40 million common shares worth C$0.1 each. Originally, the company aimed for C$3 million, however, in view of the shareholders and new investors’ interests in the campaign, Sarama Resources increased the value to C$4 million.

With this fund, Sarama plans to finance exploration activities in the country and meet its working capital requirements. It also wants to fast-track exploration of projects it has the full rights on such as ThreeBee and Koumandara.

The first (ThreeBee), hosts the Bondi deposit with a 282, 000 oz indicated and measured historic mineral resource as well as 150, 000 oz inferred resource.

In Burkina Faso, Sarama Resource whose flagship project remains South Houndé project also operates Karankasso deposit jointly with Savary Gold.