viewAbzu Gold Ltd

Abzu Gold wins strategic partner for Nangodi gold project in Ghana


Abzu Gold (CVE:ABS, OTCQX:ABZUF) has received a strong endorsement for its Nangodi gold project in Ghana after it secured a strategic partner that will assume operational management of Nangodi and invest C$2.5 million in the company.

Abzu told investors it signed a strategic investment proposal with Stonehouse Construction Pte Ltd, less than a week after announcing a placing to raise up to C$3 million for Nangodi and other projects in Ghana.

Once it has completed due diligence, Stonehouse will buy 16.67 million share units at 15 cents each - the same price as the placing and with the same conditions attached.

Each unit consists of one company share and one half of one share purchase warrant. Each warrant can be exchanged for two years from closing at 20 cents a share.

Malaysia-based Stonehouse is an international EPCM (engineering, procurement, and construction management) company working in the minerals and oil & gas infrastructure sectors.

It will assume operational control of the project, in which Abzu is earning a 51 percent interest from Kinross Gold (TSE:K, NYSE:KGC), and will be entitled to appoint two directors to Abzu’s board.

Stonehouse will also have the right of first refusal on providing mining assets and services to Abzu.

Abzu chief executive Tim McCutcheon said: "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."

Quick facts: Abzu Gold Ltd

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Market: TSX-V
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