Akwaaba Announces Closing of Shares for Debt Issuance
Akwaaba Announces Closing of Shares for
Debt Issuance
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2025) -
Akwaaba Mining Ltd.
(TSXV:
AML)
("
Akwaaba
" or the "
Company
") previously announced that its board of directors has approved
the consolidation and settlement of approximately $271,724.00 of debt held by the Company and its
wholly-owned Ghanaian subsidiary Castle Sika Mining Limited through the issuance of common shares
of the Company (the "
Debt Settlement
"). Pursuant to the Debt Settlement, the Company will issue up to
2,264,367 common shares of certain creditors being Candel & Partners SAS, a private company
beneficially owned by Allan Green ("
Mr. Green
"), a director of the Company.
The Company is pleased to announce that it has closed on the Debt Settlement. No new control persons
were created because of the closing of the Debt Settlement.
The Debt Settlement was approved by the TSX Venture Exchange.
The Debt Settlement constitutes related party transactions under
Multilateral Instrument 61-101 -
Protection of Minority Holders in Special Transactions
("
MI 61-101
"), which has been adopted by the
TSX Venture Exchange as Policy 5.9, because Mr. Green is a director of the Company. The Company
determined that it is exempt from the minority approval and formal valuation requirements under MI 61-
101 in respect of the Debt Settlement, relying on the exemptions found in sections 5.5(a) and (b) and
5.7(1)(a) of MI 61-101.
All the disinterested directors of the Company, being all of the directors other than Mr. Green, approved
the Debt Settlement.
The common shares issued in connection to the Debt Settlement will be subject to a statutory hold
period of four (4) months and one (1) day, as well as any other restrictions imposed by applicable
securities regulatory authorities.
For further information, please contact:
"Iyad Jarbou"
Chief Financial Officer
Tel: 604.362.7685
Email:
Website:
https://akwaaba-mining.com/
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING AND OTHER CAUTIONARY INFORMATION
This release contains statements that are forward looking statements and are subject to various risks
and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and
elsewhere in the Company's periodic filings with Canadian securities regulators. Such information
contained herein represents management's best judgment as of the date hereof based on information
currently available. The Company does not assume the obligation to update any forward-looking
statement. For more information on the Company, Investors should review the Company's filings that are
available at
www.sedarplus.ca
.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/238998