Mr. Trevor Pickett reports
ASHANTI SANKOFA INC. CLOSES SECOND AND FINAL TRANCHE OF PRIVATE PLACEMENT
Ashanti Sankofa Inc. has closed the second and final tranche of its private placement as announced on Feb. 26, 2017, to raise a total of $500,000, which private placement was completed pursuant to a discretionary waiver of the five-cent minimum pricing requirement granted by the TSX Venture Exchange.
The first tranche of the private placement, issuing 7,333,333 units at a price of three cents per unit for gross proceeds of $220,000, closed on March 28, 2018. The second tranche consists of 9,333,331 units at a price of three cents per unit for gross proceeds of $280,000. Each unit consists of one common share and one transferable share purchase warrant exercisable for a term of two years at a price of five cents per share.
Proceeds from the second and final tranche of the private placement will be used to pay outstanding payables, exploration work in Ghana, due diligence costs for potential acquisitions, and general and administrative expenses.
The securities issued in this second tranche are subject to a statutory hold period expiring on Aug. 17, 2018.
We seek Safe Harbor.
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