A MANI GOLD RAISES $2. 1 M VIA
CONVERTIBLE NOTE AND A FURTHER
$3.0M VIA PLACEMENT
Amani Gold Limited (ASX: ANL) (‘Amani’ or ‘the Company’ is pleased to
announce that it has issued Convertible Notes with a face value of
$2.1M (‘Notes’ to a Hong Kong based investment company Neo Gold
Limited (‘Neo Gold’, with the proceeds available to the Company
immediately as the New Shares offered under the Convertible Notes
come within the Company’s existing placement capacity under ASX
Listing Rule 7.1. The Notes have a 24-month maturity from the date of
issue (‘Maturity Date’ and will attract interest at a rate of 2.5% per
annum, commencing from the date which is 4 months from the date of
issue. Neo Gold may elect to convert all or part of the outstanding Notes
at any time prior to the Maturity Date into new shares (‘New Shares’ at
$0.003 per share.
Amani is also pleased to announce that it has received an additional
commitment from Neo Gold that will raise up to a further $3.0 million
through the issue of up to 1 billion fully paid ordinary shares
(‘Placement Shares’ at an issue price of $0.003 per share (‘Placement’.
Completion of the Placement and issue of the Placement Shares will be
subject to shareholder approval at a general meeting of shareholders
anticipated to be held during March 2020.
Subject to receipt of shareholder approval, funds raised will be used by
the Company to advance the Giro Gold Project in the DRC including
diamond core and RC drilling programs, regional exploration, resource
estimate upgrade for Kebigada deposit, mining studies and for general
working capital purposes. A clear strategy will be advancement to gold
production.
Amani is pleased to receive strong support from a new shareholder who
is aligned with the board and management’s strategy to advance the
Giro assets as quickly as possible towards gold production. As a result, a
representative of Neo Gold will join the Board of Amani with the issue of
the Convertible Notes.
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