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Akwaaba Mining Ltd. Announces Private Placement and Extension to Hold Its Annual General and Special Meeting
Vancouver, British Columbia--(Newsfile Corp. - February 28, 2023) - Akwaaba Mining Ltd.  (T...
About this update from Akwaaba Mining Ltd
[{"type":"text","content":"Akwaaba Mining Ltd. Announces Private Placement and Extension to Hold Its Annual General and Special MeetingVancouver, British Columbia--(Newsfile Corp. - February 28, 2023) - Akwaaba Mining Ltd. (TSXV: AML) (\"Akwaaba\" or the \"Company\") is pleased to announce that it intends to complete a non-brokered private placement financing comprising the sale of up to 14,000,000 units (\"Units\"), to be sold at $0.015 per Unit for gross proceeds of CAD $210,000 (the \"Offering\"). Each Unit will consist of one Common Share (\"Common Share\") and one common share purchase warrant (\"Warrant\"). Each warrant will entitle the holder to acquire one Common Share for $0.0225 for a period of 5 years after the closing of the Offering.The shares of the proposed Offering will be issued directly or indirectly to Allan Green, CEO and director of the Company, who will participate in the financing. Mr. Green's participation in the Offering will constitute a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company has determined that the transaction will be exempt from formal valuation and minority shareholder approval requirements under MI 61-101, relying on exemptions found in sections 5.5(a), 5.5(b), 5.5(c), 5.7(a) and 5.7(b). Mr. Green is an existing control person of the Company and no new control persons will be created as a result of the Offering.All securities issued in connection with the Offering will be subject to a statutory hold period of four-months and one day, as well as to any other restrictions imposed by applicable securities regulatory authorities. Completion of the Offering is subject to a number of conditions, including without limitation, receipt of TSX Venture Exchange approval. Proceeds of the Offering will be used to fund the ongoing exploration program at the Company's Akorade project in Ghana, for working capital and for future acquisitions. Extension of 2022 Annual General Meeting The Company announces that it was granted an extension by the British Columbia Registrar of Companies, to hold its Annual General and Special Meeting (\"AGM\") for the year 2022 under section 182(4) of the Business Corporations Act by March 31, 2023. The Company's management determined that postponing the AGM was in the best interest of its ...