Abzu Gold (TSXV:ABS) reported the signing of a strategic investment proposal with Stonehouse Construction Pte Ltd.
As quoted in the press release:
Pursuant to the Proposal and subject to completion of due diligence by SHC and TSX Venture Exchange (the “Exchange”) and shareholder approval, SHC will purchase 16,666,667 units (the “Units”) of Abzu for $0.15 per Unit. Each Unit will consist of one common share and one common share purchase warrant with each warrant exercisable into an additional common share for a period of 12 months at $0.20. Pursuant to the Proposal the parties have agreed that SHC will assume operational management of Abzu’s Nangodi project, which Abzu is earning an interest in pursuant to an option agreement with Kinross Gold.
Tim McCutcheon, CEO of Abzu Gold, states:
We are very excited about having Stonehouse as a major shareholder and leading the way with developing Nangodi. Having access to Stonehouse’s deep well of know-how and experience, combined with having Kinross as a joint venture partner, means Nangodi and all Abzu assets have the best chance to deliver maximum value to shareholders.