West African Iron Ore Corp. (TSXV:WAI) announced a private placement of convertible debenture with returning investor Sky Alliance Resources Inc. for gross proceeds of CAD 2,000,000 on May 10, 2013. Debentures will have a term of five years and will bear an interest of 8% per annum. Debentures are convertible into common shares of the company at an exercise price of CAD 0.10 per share. The company will receive funding in four tranches of CAD 500,000 each.

On May 29, 2013, the company issued debentures in first tranche for gross proceeds of CAD 500,000.

On February 6, 2014, West African Iron Ore Corp. closed the transaction. The company received the funds of CAD 500,000 in the transaction.