Akwaaba Mining Ltd. completes private placement
Akwaaba Mining Ltd. (TSXV: AML) has announced the successful completion of its non-brokered private placement, raising CAD $150,000 through the sale of common shares at a price of CAD $0.11 per share.
The transaction received approval from the TSX Venture Exchange, and no new control persons were created as a result. The company confirmed that no bonuses, finder’s fees, or commissions were involved in closing the offering.
Party transaction
The company’s CEO and director, Allan Green, participated in the financing, making it a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (MI 61-101). Akwaaba determined that the transaction is exempt from formal valuation and minority shareholder approval requirements based on the exemptions outlined in sections 5.5(a), 5.5(b), 5.5(c), 5.7(1)(a), and 5.7(1)(b) of MI 61-101. The offering was unanimously approved by all disinterested directors, excluding Mr. Green.
The common shares issued through the offering will be subject to a statutory hold period of four months and one day, expiring on July 26, 2025. This restriction is in line with applicable securities regulations. The funds raised will support the company’s ongoing exploration program at the Akorade project in Ghana, strengthen working capital, and facilitate future acquisition opportunities.
