Azumah Resources announced on Thursday morning that it had raised $30 million through a placement of 50 million shares at 60¢. This takes the company’s working capital to nearly $40 million, which will be used to finance exploration activity and develop its Wa gold project in Ghana.

The Wa project has a resource base of 1.2 million ounces, but this is likely to grow because the company has had significant exploration success in a region that has historically been high yielding.