Non-brokered deal to fund Nangodi Project, general corporate purposes
By Devika Patel
Knoxville, Tenn., Aug. 3 - Abzu Gold Ltd. said it revised the terms of a C$3 million non-brokered private placement of units. The deal priced with a C$2 million greenshoe on July 17.
The company will now sell 20 million units of one common share and one warrant at C$0.15 per unit. The units originally included a half-share warrant.
Each warrant is now exercisable at C$0.20 for one year, shortened from an expiry of two years. The strike price is a 33.33% premium to the July 16 closing share price of C$0.15.
Settlement is expected Aug. 9.
Proceeds will be used to advance the Nangodi Project and the company's other gold projects in Ghana and for general corporate purposes.
Based in Vancouver, B.C., Abzu is a gold explorer.
Issuer: | Abzu Gold Ltd.
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Issue: | Units of one common share and a warrant
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Amount: | C$3 million
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Greenshoe: | C$2 million
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Units: | 20 million
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Price: | C$0.15
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Warrants: | One warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.20
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Agent: | Non-brokered
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Pricing date: | July 17
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Revised: | Aug. 3
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Settlement date: | Aug. 9
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Stock symbol: | TSX Venture: ABS
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Stock price: | C$0.15 at close July 16
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Market capitalization: | C$7.4 million
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