TORONTO, ONTARIO (Marketwire – Feb. 24, 2012)
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Azumah Resources Limited ("Azumah" or the "Company") (TSX:AZR)(ASX:AZM) is pleased to announce that it has completed an offering of 50,405,000 ordinary shares of the Company at a price per share of C$0.40 for total gross proceeds of C$20,162,000 (the "Offering").
"With total cash and listed investments of approximately A$35 million Azumah is firmly positioned to maintain its aggressive 2012 exploration programme and to deliver on its key objectives of growing resources and preparing for development at the Wa Gold Project, north west Ghana" commented Azumah Managing Director, Stephen Stone.
"This Offering of shares, which are initially to be traded on the Toronto Stock Exchange where Azumah listed September last year, will facilitate a higher level of trading and increase the visibility of the Company and the Wa Gold Project amongst international investors who are interested in quality West African explorers and near-term gold producers."
As well as some existing institutional shareholders participating in the Offering, a number of new North American institutions have joined the Azumah register along with some prominent North American distribution groups.
Casimir Capital Ltd. and RBC Dominion Securities Inc. acted as joint lead managers and Argonaut Securities (Australia) and Canaccord BGF as co-managers to the Company in connection with the Offering that was conducted in each province of Canada, other than Quebec, and certain international jurisdictions subject to exemptions from prospectus and registration requirements.
The underwriters have the option to acquire up to an additional 7,095,000 ordinary shares of the Company at a price of C$0.40 per share for a period of 30 days from closing.
For further information on Azumah Resources Limited and its projects please visit the Canadian SEDAR website and our website at www.azumahresources.com.au