Amani Gold Limited announced that it expects to receive AUD 7 million in funding from Shining Mining Limited
Amani Gold Limited announced a private placement of up to 7,000,000,000 shares at a price of AUD 0.001 per share for gross proceeds of up to AUD 7,000,000 on September 10, 2021. The transaction will include participation from new and existing shareholders, sophisticated and professional investors and will be heavily oversubscribed. Each participant in the transaction will be offered one for one free attaching listed option, each exercisable at AUD 0.0015 and expiring on January 15, 2024. The transaction will be completed in two tranches. First tranche comprises 1,800,000,000 shares and will be issued using the company’s existing placement capacity under ASX Listing Rule 7.1. Allotment is expected to occur on September 16, 2021. Second tranche of the transaction comprises 5,200,000,000 shares and will be issued subject to shareholder approval. The grant of options pursuant to the transaction is also subject to shareholder approval. Shareholder approvals will be sought at the company’s Annual General Meeting, which is expected to be held in early November 2021 and securities will be issued on November 1, 2021. The Company has received a firm commitment for 1,750,000,000 shares for AUD 1,750,000 under second tranche from Shining Mining Limited and is also subject to shareholder approval. The company will pay 6% capital raising fee on gross proceeds raised to multiple brokers of the transaction.