Ghana Gold Corp. completed the acquisition of significant mineral exploration, production and commercialization rights in the Central African Republic for approximately $270 million.
Ghana Gold Corp. (OTCPK:GGCO) signed an asset purchase agreement to acquire significant mineral exploration, production and commercialization rights in the Central African Republic for approximately $270 million on April 9, 2013. According to the terms of the signed asset purchase agreement, Ghana Gold Corp. will issue a controlling block of 500 million restricted common shares, a $250 million, 10-year corporate debenture carrying yearly compounded interest of 6% and the remittance of net smelting royalties of 2.5%. Ghana Gold Corp. will also be required to commit to a $50 million, 10 year work program and to pay an administration fee, which will be based on the annual approved expenditures. The transaction is expected to close by May 23, 2013.
Ghana Gold Corp. (OTCPK:GGCO) completed the acquisition of significant mineral exploration, production and commercialization rights in the Central African Republic on May 23, 2013.