The record date of the offer is the 16th August 2017, and is priced at $0.02 on the basis of 1 new share for every 5 shares.
Azumah shares closed at a premium to the offer on Friday at $0.023.
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.
The positive momentum continues for Azumah who recently outlined a transformational $17 million earn-in detail with new partner Ibaera Capital.
To date at the project Azumah has defined a JORC 2012 Resource of 2.06 million ounces of gold at 1.5 g/t gold across 7 deposits.
The Kunche, Bepkong and Julie deposits have an Ore Reserve of 624,000 ounces of gold.