Akwaaba Announces Shares for Debt Issuance
Akwaaba Mining (TSXV: AML) has announced a shares for debt settlement approved by its board of directors. The company will issue approximately 2,264,367 common shares to settle debt of $271,724.00 held by the Company and its Ghanaian subsidiary Castle Sika Mining The debt settlement involves Candel & Partners SAS, owned by director Allan Green. The transaction requires TSX Venture Exchange approval and constitutes a related party transaction under MI 61-101, though the company is exempt from minority approval and formal valuation requirements. The issued shares will be subject to a standard hold period under Canadian securities laws.
Akwaaba Mining (TSXV: AML) ha annunciato un accordo di pagamento con azioni approvato dal suo consiglio di amministrazione. L'azienda emetterà circa 2.264.367 azioni ordinarie per saldare un debito di 271.724,00 $ detenuto dalla società e dalla sua filiale ghanese Castle Sika Mining. L'accordo per il debito coinvolge Candel & Partners SAS, di proprietà del direttore Allan Green. La transazione richiede l'approvazione della TSX Venture Exchange e costituisce una transazione con parti correlate ai sensi della MI 61-101, sebbene l'azienda sia esente dall'approvazione della minoranza e dai requisiti di valutazione formale. Le azioni emesse saranno soggette a un periodo di blocco standard ai sensi delle leggi canadesi sui titoli.
Akwaaba Mining (TSXV: AML) ha anunciado un acuerdo de pago mediante acciones aprobado por su junta directiva. La compañía emitirá aproximadamente 2,264,367 acciones ordinarias para saldar una deuda de $271,724.00 que tiene la empresa y su filial ghanesa Castle Sika Mining. El acuerdo de deuda involucra a Candel & Partners SAS, propiedad del director Allan Green. La transacción requiere la aprobación de la TSX Venture Exchange y constituye una transacción con partes relacionadas bajo la MI 61-101, aunque la empresa está exenta de la aprobación de la minoría y de los requisitos de valoración formal. Las acciones emitidas estarán sujetas a un período de retención estándar bajo las leyes de valores canadienses.
Akwaaba Mining (TSXV: AML)은 이사회에서 승인한 주식으로 부채를 정산하는 계약을 발표했습니다. 이 회사는 2,264,367주 보통주를 발행하여 회사와 가나 자회사의 Castle Sika Mining이 보유한 $271,724.00의 부채를 정산할 예정입니다. 부채 정산에는 이사 Allan Green이 소유한 Candel & Partners SAS가 포함됩니다. 이 거래는 TSX 벤처 거래소의 승인이 필요하며 MI 61-101에 따라 관련 당사자 거래로 간주되지만, 회사는 소수 주주의 승인 및 형식적 평가 요구 사항에서 면제됩니다. 발행된 주식은 캐나다 증권법에 따라 표준 보유 기간이 적용됩니다.
Akwaaba Mining (TSXV: AML) a annoncé un accord de règlement des dettes par actions approuvé par son conseil d'administration. La société émettra environ 2.264.367 actions ordinaires pour régler une dette de 271.724,00 $ détenue par la société et sa filiale ghanéenne Castle Sika Mining. Le règlement de la dette implique Candel & Partners SAS, détenue par le directeur Allan Green. La transaction nécessite l'approbation de la TSX Venture Exchange et constitue une transaction avec des parties liées au sens de la MI 61-101, bien que la société soit exemptée de l'approbation des minoritaires et des exigences d'évaluation formelle. Les actions émises seront soumises à une période de blocage standard conformément aux lois canadiennes sur les valeurs mobilières.
Akwaaba Mining (TSXV: AML) hat eine von seinem Vorstand genehmigte Schuldenbegleichung durch Aktien bekannt gegeben. Das Unternehmen wird voraussichtlich etwa 2.264.367 Stammaktien ausgeben, um eine Schuld von 271.724,00 $ zu begleichen, die sowohl von der Gesellschaft als auch von ihrer ghanaischen Tochtergesellschaft Castle Sika Mining gehalten wird. Die Schuldenregelung umfasst Candel & Partners SAS, das dem Direktor Allan Green gehört. Die Transaktion erfordert die Genehmigung der TSX Venture Exchange und stellt eine Transaktion mit nahestehenden Personen nach MI 61-101 dar, obwohl das Unternehmen von der Genehmigung der Minderheit und den Anforderungen an die formelle Bewertung befreit ist. Die ausgegebenen Aktien unterliegen einer standardmäßigen Haltedauer gemäß den kanadischen Wertpapiergesetzen.
- Reduces company debt liability by $271,724.00 without using cash resources
- Settlement preserves cash flow while maintaining operational flexibility
- Share issuance will cause dilution for existing shareholders
- Related party transaction with company director raises potential conflict of interest concerns
Vancouver, British Columbia--(Newsfile Corp. - December 23, 2024) - Akwaaba Mining Ltd. (TSXV: AML) ("Akwaaba" or the "Company") is pleased to announce that its board of directors has approved the consolidation and settlement of approximately
The Debt Settlement is subject to approval by the TSX Venture Exchange.
The Debt Settlement will constitute 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 has 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 hold period in accordance with applicable Canadian securities laws.
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/234983
FAQ
How many shares will Akwaaba Mining (TSXV: AML) issue in its debt settlement?
What is the total value of debt being settled by Akwaaba Mining?
Who is the primary creditor in Akwaaba Mining's debt settlement?
Will the debt settlement create a new control person in Akwaaba Mining?
What regulatory approvals are required for Akwaaba Mining's debt settlement?
