(Ecofin Agency) - Tajiri Resources, active on Reo gold project in Burkina Faso, announced this week that it has raised C$2 million through a non-brokered private placement. With the approval of TSX-V exchange on which it is listed, the company will issue 14,285,714 units (one common share and one common share purchase warrant) at $0.14 per unit.

The money will be used to finance exploration and development work of this recently acquired project, as well as related expenses, including working capital and administration. The Company hopes to close the offering as soon as possible and begin planning exploration work.

Let’s recall that Reo project is located at the meeting of the prolific Hounde and Boromo greenstone belts, hosting several substantial gold deposits. These include Karma (3.8 million oz), Bissa (6.6 million oz), Hounde (4.9 million oz) and Mana (8.6 million oz). Since the mid-2000s, C$8 million has been spent on the mine’s exploration and two main prospective zones, Morely and K4-K5, have been identified.

Louis-Nino Kansoun