Canadian Abzu seeks to raise $3m for Ghana gold project

Canadian-based miner Abzu Gold Limited on July 17, 2012 announced that it will conduct a non-brokered private placement to sell up to 20,000,000 units of the Company at a price of $0.15 per unit for gross proceeds of up to $3,000,000.

The company intends to use net proceeds of the placement in its operations in Ghana.

“The net proceeds of the Offering are intended to be used by the Company for the advancement of Abzu’s Nangodi Project and the Company’s other gold projects in Ghana, and for general corporate purposes,” Abzu said in a statement.

The miner indicated that closing of the financing is anticipated to occur on or about July 27, 2012 and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange.

Meanwhile Abzu has hinted that it may increase the size of the Offering by up to $2,000,000, in whole or in part, in Units at the issue price of $0.15 per unit, until two business days prior to the Closing Date, subject to applicable securities laws.

By Ekow Quandzie