Ibaera can earn up to a 47.5% interest for an expenditure of US$13.5 million in the company’s Wa Gold Project in Ghana, West Africa.
Azumah’s rights issue closes at 5pm today, and is priced at $0.02 on the basis of 1 new share for every 5 shares.
Azumah shares last traded at $0.025.
Stephen Stone, managing director for Azumah, commented:
"The goodwill and pragmatism demonstrated by Azumah and Ibaera to complete the earn-in and shareholders agreement in a very compressed time-frame is indicative of their collaborative approach towards fast-tracking exploration and ultimately the development of the Wa Gold Project.
"Azumah has grown the project to its present 2.1 million ounce status and now looks forward to combining with Ibaera’s team of exploration and project development professionals to unlock its full value."