Akwaaba Announces Closing of Shares for Debt Issuance
Akwaaba Mining (TSXV: AML) has completed its previously announced debt settlement through the issuance of common shares. The company has settled approximately $271,724.00 of debt by issuing 2,264,367 common shares to creditors, including Candel & Partners SAS, owned by company director Allan Green.
The transaction constitutes a related party transaction under MI 61-101 due to Green's position as director, though the company received exemptions from minority approval and formal valuation requirements. The issued shares will be subject to a 4-month and 1-day statutory hold period. The debt settlement was approved by the TSX Venture Exchange and all disinterested directors.
Akwaaba Mining (TSXV: AML) ha completato la sua precedente comunicazione riguardante la risoluzione del debito attraverso l'emissione di azioni ordinarie. L'azienda ha liquidato circa $271,724.00 di debito emettendo 2,264,367 azioni ordinarie ai creditori, tra cui Candel & Partners SAS, di proprietà del direttore della società Allan Green.
La transazione costituisce una transazione con parti correlate ai sensi della MI 61-101 a causa della posizione di Green come direttore, sebbene l'azienda abbia ricevuto esenzioni dai requisiti di approvazione da parte della minoranza e di valutazione formale. Le azioni emesse saranno soggette a un periodo di blocco legale di 4 mesi e 1 giorno. La risoluzione del debito è stata approvata dalla TSX Venture Exchange e da tutti i direttori non interessati.
Akwaaba Mining (TSXV: AML) ha completado su anunciada liquidación de deudas mediante la emisión de acciones ordinarias. La empresa ha saldado aproximadamente $271,724.00 de deuda emitiendo 2,264,367 acciones ordinarias a los acreedores, incluyendo Candel & Partners SAS, propiedad del director de la empresa, Allan Green.
La transacción se considera una transacción con partes relacionadas bajo la MI 61-101 debido a la posición de Green como director, aunque la empresa recibió exenciones de la aprobación de la minoría y los requisitos de valoración formal. Las acciones emitidas estarán sujetas a un período de retención legal de 4 meses y 1 día. La liquidación de deuda fue aprobada por la TSX Venture Exchange y todos los directores desinteresados.
Akwaaba Mining (TSXV: AML)는 기존에 발표된 부채 정산을 보통주 발행을 통해 완료했습니다. 이 회사는 채권자인 Candel & Partners SAS를 포함하여 약 $271,724.00의 부채를 2,264,367 주식으로 정산했습니다. Candel & Partners SAS는 이 회사의 이사인 Allan Green의 소유입니다.
이 거래는 Green의 이사직으로 인해 MI 61-101에 따른 관련 당사자 거래로 간주되지만, 회사는 소수 승인 및 공식 평가 요건에서 면제를 받았습니다. 발행된 주식은 4개월 1일의 법정 보유 기간이 적용됩니다. 부채 정산은 TSX Venture Exchange와 모든 이해관계가 없는 이사의 승인을 받았습니다.
Akwaaba Mining (TSXV: AML) a finalisé son règlement de dette annoncé précédemment par l'émission d'actions ordinaires. La société a réglé environ $271,724.00 de dettes en émettant 2,264,367 actions ordinaires aux créanciers, y compris Candel & Partners SAS, détenue par le directeur de la société, Allan Green.
La transaction constitue une transaction avec partie liée en vertu de la MI 61-101 en raison de la position de Green en tant que directeur, bien que la société ait reçu des exemptions d'approbation minoritaire et d'exigences d'évaluation formelle. Les actions émises seront soumises à une période de blocage légale de 4 mois et 1 jour. Le règlement de la dette a été approuvé par la TSX Venture Exchange et tous les administrateurs non intéressés.
Akwaaba Mining (TSXV: AML) hat die zuvor angekündigte Schuldenregelung durch die Ausgabe von Stammaktien abgeschlossen. Das Unternehmen hat etwa $271,724.00 Schulden beglichen, indem es 2,264,367 Stammaktien an Gläubiger ausgegeben hat, darunter Candel & Partners SAS, die im Besitz des Unternehmensdirektors Allan Green ist.
Die Transaktion gilt gemäß MI 61-101 als eine Transaktion mit verbundenen Parteien aufgrund von Greens Position als Direktor, obwohl das Unternehmen von der Genehmigung durch die Minderheit und den formalen Bewertungsanforderungen befreit wurde. Die ausgegebenen Aktien unterliegen einer gesetzlichen Haltedauer von 4 Monaten und 1 Tag. Die Schuldenregelung wurde von der TSX Venture Exchange und allen nicht interessierten Direktoren genehmigt.
- Successful debt reduction of $271,724 without cash expenditure
- Received TSX Venture Exchange approval for the transaction
- Share dilution through issuance of 2,264,367 new common shares
- Related party transaction with company director
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
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: iyad@akwaaba-mining.com
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
FAQ
How much debt did Akwaaba Mining (TSXV: AML) settle through share issuance in January 2025?
What is the holding period for the newly issued Akwaaba Mining shares from the debt settlement?
Who were the main creditors in Akwaaba Mining's January 2025 debt settlement?
Did Akwaaba Mining's debt settlement create any new control persons?
