Spada Gold Completes Qualifying Transaction to Acquire Côte d'Ivoire Assets and Changes Its Name to Awale Resources Limited
Spada Gold Completes Qualifying Transaction to Acquire Côte
d'Ivoire Assets and Changes Its Name to Awale Resources
Limited
VANCOUVER
,
Dec. 29, 2017
/CNW/ - Spada Gold Limited (TSXV: SPL.P) ("
Spada
" or the "
Company
"), a capital pool company listed on
the TSX Venture Exchange (the "
Exchange
"), is pleased to announce that the Company has completed its "Qualifying Transaction" following
approval by the Exchange. The transaction was originally announced on
November 15
th
, 2017 and further details of the transaction can be viewed
in the Company's Filing Statement, which was filed on SEDAR on
December 28, 2017
. The completion of the property acquisitions constitutes the
Company's Qualifying Transaction under the Exchange's policies.
Spada now has a specific focus on gold exploration in the highly prospective Birimian Greenstone Belt of
West Africa
. Spada has entered into a
series of property acquisition agreements, to acquire a 100% interest in the Bondoukou Project and Abengourou Project areas in Côte D'Ivoire
and a 90% interest in the Odienne Project area, also in Côte D'Ivoire, as detailed in the Filing Statement.
The Company completed a concurrent private placement of 13,967,902 units at a price of
$0.25
per unit, for gross proceeds of
$3,491,975
.
Each unit is comprised of one common share and one-half of one transferable warrant, with each whole warrant being exercisable to purchase one
additional common share, at a price of
$0.40
per share, for a period of two years. All of the shares, warrants, and any shares issued upon exercise
of the warrants comprising the units, are subject to a hold period until
April 30, 2018
, except as permitted by applicable Canadian securities laws
and the Exchange.
The Company has changed its name to "Awale Resources Limited" and will be listed on the Exchange under the new ticker ARIC. The Company's
shares will remain halted temporarily and are expected to begin trading about
January 8
, 2018.
ON BEHALF OF THE BOARD
SPADA GOLD LIMITED.
"Ron Ho"
Ron Ho
, President and CEO
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws. Readers are cautioned not to place
undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by such
information. The statements in this news release are made as of the date hereof. The Company undertakes no obligation to update forward-looking
information except as required by applicable law.
Cautionary Statement
The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents
of this press release.
SOURCE
Spada Gold Ltd.
View original content: http://www.newswire.ca/en/releases/archive/December2017/29/c4806.html
%SEDAR: 00038022E
For further information:
Ron Ho, Chief Executive Officer, Tel: 604-628-1169
CO: Spada Gold Ltd.
CNW 18:48e 29-DEC-17