Edgewater announces $7.5m financing to develop Ghana mine, others
Edgewater Exploration Limited, a Canadian-based small cap mining company, has announced a non-brokered private placement financing of $7.5 million to develop its gold projects in Ghana and Spain.
According to Edgewater, the non-brokered private placement will consist of the company issuing up to 9,375,000 units (the “Units”) at a price of $0.80 per Unit.
“Proceeds of the financing will be used to advance the Company’s Enchi Gold Project in Ghana and the Corcoesto Gold Project in Spain and for general working capital”, the company said in a press release on June 3, 2011.
The company indicated that it had to increase the financing from $3 million to $7.5 million due to investment interest.
The private placement is subject to TSX Venture Exchange, a stock exchange in Canada, for approval, the company says.
The Enchi Project is located in south-western Ghana and it covers a 50 kilometre (km) strike length of the well known and prolific Bibiani Shear Zone.
By Ekow Quandzie