Abzu Gold Ltd announced that it has received CAD 1 million in funding from Stonehouse Construction Pte Ltd.
On May 30, 2013, the company announced that it has closed the first tranche of the transaction. The company issued 20,000,000 units to the investor and received CAD 1,000,000 in the round. The securities issued are subject to a hold period expiring on October 1, 2013. On closing of the tranche, the investor holds 18.4% of the issued and outstanding share capital of the company. On exercise of the warrants, the investor will hold a 31.1% of the then issued and outstanding share capital of the company. Brian Ticcioni, Chief Executive Officer of the investor will join the company's board.
On June 25, 2013, the company announced that TSX Venture Exchange has granted an extension for the completion of this transaction. The company expects to close the second tranche by July 14, 2013. The securities will be issued are subject to regulatory approval.
On July 12, 2013, the company announced that TSX Venture Exchange has granted an extension for the completion of this transaction. The company expects to close the second tranche by July 31, 2013.
On August 1, 2013, the company announced that it has obtained TSX Venture Exchange's approval for the first tranche of the transaction.
On August 2, 2013, Abzu Gold Ltd. closed the transaction. The company announced that second tranche will not occur. The company raised CAD 1,000,000 in the transaction. The securities issued in the first tranche are exercisable till May 30, 2014.