Azumah Resources Limited (ASX:AZM) is pleased to advise it has entered into a binding Term Sheet enabling Perth managed private equity group, Ibaera Capital GP Limited (Ibaera), to earn in two stages up to a 47.5% interest for an expenditure of US$13.5 million ~(A$17M) in the Company’s Wa Gold Project in Ghana, West Africa (Project).
See highlights below:
- Investment group Ibaera Capital to earn up to 47.5% for US$13.50M spend (~A$17M) at Wa Gold Project, Ghana (over two years)
- Represents material revaluation of Project and Azumah
- Objective is to boost resources and reserves and deliver a fundable development project
- Ibaera has option to invest up to A$2M in new Azumah ordinary shares at a premium of 10% above 10-day VWAP by 31 August 2017
- Execution of full Earn-In, Investment and Joint Venture Agreement (EIJVA) expected by 31 August 2017
- Acceleration of news flow and investment catalysts to result
SOURCE: AZUMAH RESOURCES LIMITED
DATE: AUGUST 2, 2017
