- Akwaaba Mining (AML) announced a non-brokered private placement for gross proceeds of C$210,000
- The offering will consist of up to 14,000,000 units priced at $0.015 per unit
- The shares of the proposed offering will be issued to CEO & Director Allan Green
- The company has also announced plans to seek shareholder approval to consolidate its issued and outstanding common shares
- Akwaaba Mining is a Canadian-based gold exploration company
- Akwaaba Mining Ltd. (AML) opened trading at C$0.015
Akwaaba Mining (AML) announced a non-brokered private placement for gross proceeds of C$210,000.
The offering will consist of up to 14,000,000 units to be priced at $0.015 per unit. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share at $0.0225 for five years after the closing of the offering.
The shares of the proposed offering will be issued to Allan Green, CEO and director of the company.
All securities issued in connection will be subject to a statutory four-month hold period.
Proceeds will be used to fund the ongoing exploration program at the company’s Akorade project in Ghana, for working capital and for future acquisitions.
The company has also announced plans to seek shareholder approval to consolidate its issued and outstanding common shares on the basis of twenty pre-consolidation shares for one post-consolidation share.
The company currently has 191,187,470 common shares issued and outstanding. The proposed consolidation, assuming the 20:1 ratio, will reduce the number of outstanding common shares to approximately 9,559,373.
The company believes that consolidation is necessary to enhance the liquidity and marketability of the common shares. The consolidation will also allow the company more flexibility to rebrand and structure future acquisitions.
The proposed consolidation is subject to acceptance by the TSX Venture Exchange.
About Akwaaba Mining Ltd.
Akwaaba Mining Ltd. is a Canadian-based exploration and development company. The company focuses on advancing greenfields and early-stage gold projects. The company holds an interest in the Akorade Project Gold Properties, located in southwest Ghana.
Akwaaba Mining Ltd. (AML) opened trading at C$0.015.