pcNewsWire – Ashanti Gold Corp. (TSX-V: AGZ) has increased in size and closed its non-brokered private placement announced May 25, 2017 of 8,080,000 units at $0.25 per unit for gross proceeds of $2,020,000.
Net proceeds will be used to fund the exploration costs related to the Kossanto East property in Mali, work on the Anumso property in Ghana, as well as for general corporate purposes.
Ashanti Closes Private Placement
VANCOUVER, BC – June 9, 2017 – Ashanti Gold Corp. (TSXV: AGZ) (“AGZ” or the “Company”) is pleased to announce that it has increased in size and closed its non-brokered private placement announced May 25, 2017. The Company raised $2,020,000 through the issuance of 8,080,000 (“Units”) priced at $0.25 per Unit (the “Offering”). Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of $0.35 per share for up to two years expiring June 8, 2019. In the event that the Company`s shares trade at a closing price of greater than $0.60 per share for a period of 10 consecutive days at any time after the closing of the Offering, the Company may accelerate the expiry date of the warrants by providing notice to the warrant holders and in such case the warrants will expire on the 30th day after the date on which such notice is given by the Company.
The Company paid finder’s fees of $31,815 and issued 90,900 finder warrants, each of which entitle the holder to purchase one AGZ common share at a price of $0.25 for one year expiring June 8, 2018. All securities issued are subject to a four month hold period expiring October 9, 2017.
Net proceeds of the private placement will be used to fund the exploration costs related to the Kossanto East property in Mali, work on the Anumso property in Ghana, as well as for general corporate purposes.
On Behalf of the Board of Directors of
ASHANTI GOLD CORP.
For further information, please contact:
Ashanti Gold Corp.
2300 – 1177 West Hastings Street
Vancouver BC, V6E 2K3
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