Akwaaba Mining Ltd. Announces Closing of Private Placement
Rhea-AI Summary
Akwaaba Mining (TSXV: AML) has successfully closed its previously announced non-brokered private placement, raising $150,000 CAD through common shares priced at $0.11 per share. The company's CEO and director, Allan Green, participated in the offering, constituting a related party transaction under MI 61-101, though exempt from formal valuation and minority shareholder approval requirements.
The shares issued will be subject to a statutory hold period until July 26, 2025. The TSX Venture Exchange has approved the offering, with no bonuses, finder's fees, or commissions payable. The proceeds will fund ongoing exploration at the Akorade project in Ghana, provide working capital, and support future acquisitions.
Positive
- Successfully closed $150,000 CAD private placement
- TSX Venture Exchange approval obtained
- No finder's fees or commissions payable, maximizing use of funds
- Secured funding for Akorade project exploration in Ghana
Negative
- Dilutive effect of new share issuance at $0.11 per share
- Related party transaction with CEO participation may raise governance concerns
Vancouver, British Columbia--(Newsfile Corp. - March 25, 2025) - Akwaaba Mining Ltd. (TSXV: AML) ("Akwaaba" or the "Company") previously announced its non-brokered private placement of up to
The Company is pleased to announce that it has closed on the Offering. No new control persons were created because of the closing of the Offering.
The Offering was approved by the TSX Venture Exchange. No securities were issued as bonuses and no finder's fees or commissions are payable.
Certain shares of the proposed Offering will be issued directly or indirectly to Allan Green, CEO and director of the Company, who will participate in the financing. Mr. Green's participation in the Offering will constitute a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has determined that the transaction will be exempt from formal valuation and minority shareholder approval requirements under MI 61-101, relying on exemptions found in sections 5.5(a), 5.5(b), 5.5(c), 5.7(1)(a) and 5.7(1)(b). Mr. Green is an existing control person of the Company and no new control persons will be created as a result of the Offering.
All the disinterested directors of the Company, being all of the directors other than Mr. Green, approved the Offering.
The common shares issued in connection to the Offering will be subject to a statutory hold period of four (4) months and one (1) day, July 26, 2025, as well as any other restrictions imposed by applicable securities regulatory authorities.
As previously announced, proceeds of the Offering will be used to fund the ongoing exploration program at the Company' s Akorade project in Ghana, for working capital and for future acquisitions.
For further information, please contact:
"Iyad Jarbou"
Chief Financial Officer
Tel: 604.362.7685
Email: iyad@akwaaba-mining.com
Website: https://akwaaba-mining.com/
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING AND OTHER CAUTIONARY INFORMATION
This release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement. For more information on the Company, Investors should review the Company's filings that are available at www.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/246034
FAQ
How much did Akwaaba Mining (TSXV: AML) raise in their recent private placement?
What is the hold period for shares issued in Akwaaba Mining's March 2025 private placement?
How will Akwaaba Mining use the proceeds from their $150,000 private placement?
Did Akwaaba Mining's CEO participate in the March 2025 private placement?
