Sign up Australia
Proactive Investors - Run By Investors For Investors

Azumah Resources readies raising for Wa Gold Project in Ghana

The new funds will be allocated to the Wa Gold Project in Ghana
Money
The offer will be open until 1st September 2017, unless extended

Azumah Resources Ltd (ASX:AZM) is progressing towards raising circa $2.3 million through a 1:5 non-renounceable rights issue, which is to be fully underwritten by Perth broker, Patersons Securities.

Azumah has now lodged its prospectus with ASIC, with the ex-date of 15th August 2017.

The prospectus will then be sent to shareholders on the 18th August 2017.

The funds raised through the rights issue will strengthen the company’s ability to deliver on a variety of initiatives in the coming months at its Wa Gold Project in Ghana, West Africa.

WATCH LATEST VIDEO - Details on A$17 million earn-in deal

The deal with Perth-managed Ibaera Capital GP Limited will see a two-stage cash injection over two years of up to US$13.5 million (~A$17 million) for up to a 47.5% interest in Azumah’s wholly owned Ghana operating company, Azumah Resources Ghana Limited.

This structure will limit the dilution that shareholders would normally encounter for a market-based raising at the corporate level.

The objective of the deal is to boost gold resources and reserves above the present 2.1 million ounces and 624,000 ounces respectively.

View full AZM profile View Profile

Azumah Resources Ltd Timeline

Related Articles

gold bars
Mon
Shanta Gold's recent production ramp-up in Tanzania is unlikely to be derailed by the current uncertainty there
picture of gold and dollars
April 25 2017
The aim at La India is to bring on stream a mine producing 100,000 ounces of gold a year
picture of gold and dollars
March 14 2017
The advancement of over 100,000 ounces from the lower-confidence inferred category to indicated classification was significant.

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use