Azumah shareholder takes bigger stake
PERTH (miningweekly.com) – Gold developer Azumah Resources has welcomed a further A$1.2-million investment from shareholder Caitlyn Limited.
Azumah said on Tuesday that some 30-million new shares would be issued to Caitlyn, at 4c each, which would increase the company’s shareholding in Azumah to 13%, making it the gold developer’s largest shareholder.
The new funding would increase Azumah’s working capital to over A$4-million, allowing the company to complete a feasibility study for its Wa gold project, in Ghana.
“The increased commitment by Caitlyn provides a strong endorsement for the Wa gold project and complements our other key investors and project participants to create a powerful alignment of interest,” said Azumah MD Stephen Stone.
An anti-dilution provision allows Caitlyn to maintain its 13% shareholding in Azumah for the next 12 months, and a standstill undertaking prevents the investor from exceeding a 19.99% shareholding for a three-year period.
Azumah recently reported a 45% increase in the ore reserve at its Wa mine, underpinning an initial mine life of seven years. The project was estimated to host a Joint Ore Reserves Committee-compliant resource of 9.1-million tonnes, grading 2.14 g/t gold for 624 000 oz of gold, over the Kunche, Bepkong and Julie deposits.
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