Offering funds development of operations in Ghana and working capital
By Devika Patel
Knoxville, Tenn., May 31 - Abzu Gold Ltd. said it raised C$1 million in the first tranche of a C$2 million non-brokered private placement of units. The deal priced May 2.
The company is selling 40 million units of one common share and one warrant at C$0.05 per unit. It sold 20 million units to Stonehouse Construction Pte. Ltd. in the initial tranche.
Each warrant is exercisable at C$0.10 for one year. The strike price is a 150% premium to the May 1 closing share price of C$0.04.
Proceeds will be used for development of the company's operations in Ghana and general working capital 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 one warrant
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Amount: | C$2 million
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Units: | 40 million
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Price: | C$0.05
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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$0.10
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Agent: | Non-brokered
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Investor: | Stonehouse Construction Pte. Ltd. (for C$1 million)
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Pricing date: | May 2
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Settlement date: | May 31 (for C$1 million)
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Stock symbol: | TSX Venture: ABS
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Stock price: | C$0.04 at close May 1
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Market capitalization: | C$2.22 million
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