VANCOUVER, Dec. 29, 2017 /CNW/ - Spada Gold Limited (TSXV: SPL.P) ("Spada" or the "Company"), a capital pool company listed on the TSX Venture Exchange (the "Exchange"), is pleased to announce that the Company has completed its "Qualifying Transaction" following approval by the Exchange. The transaction was originally announced on November 15th, 2017 and further details of the transaction can be viewed in the Company's Filing Statement, which was filed on SEDAR on December 28, 2017. The completion of the property acquisitions constitutes the Company's Qualifying Transaction under the Exchange's policies.
Spada now has a specific focus on gold exploration in the highly prospective Birimian Greenstone Belt of West Africa. Spada has entered into a series of property acquisition agreements, to acquire a 100% interest in the Bondoukou Project and Abengourou Project areas in Côte D'Ivoire and a 90% interest in the Odienne Project area, also in Côte D'Ivoire, as detailed in the Filing Statement.
The Company completed a concurrent private placement of 13,967,902 units at a price of $0.25 per unit, for gross proceeds of $3,491,975. Each unit is comprised of one common share and one-half of one transferable warrant, with each whole warrant being exercisable to purchase one additional common share, at a price of $0.40 per share, for a period of two years. All of the shares, warrants, and any shares issued upon exercise of the warrants comprising the units, are subject to a hold period until April 30, 2018, except as permitted by applicable Canadian securities laws and the Exchange.
The Company has changed its name to "Awale Resources Limited" and will be listed on the Exchange under the new ticker ARIC. The Company's shares will remain halted temporarily and are expected to begin trading about January 8, 2018.
ON BEHALF OF THE BOARD
SPADA GOLD LIMITED.
Ron Ho, President and CEO
This news release contains "forward-looking information" within the meaning of applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by such information. The statements in this news release are made as of the date hereof. The Company undertakes no obligation to update forward-looking information except as required by applicable law.
The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
SOURCE Spada Gold Ltd.
For further information: Ron Ho, Chief Executive Officer, Tel: 604-628-1169