Cardero Resource Corp. Acquires Securities of Abzu Gold
Cardero Resource Corp. announces that, effective December 21, 2010, it has acquired an aggregate of 8,634,007 common shares, representing 16.32%, of Abzu Gold, together with warrants to purchase an additional 3,782,000 common shares of Abzu. If such warrants were exercised, the Company would then hold 12,416,007 shares of Abzu, representing 21.90% of the then issued common shares.
Abzu operates as a gold exploration and discovery company in Ghana, West Africa. Africa's 2nd largest gold producer and host to some of the world's largest gold deposits, Ghana has strong land title laws and is one of the world's most mining-friendly jurisdictions. Abzu has invested several years developing key local and national relationships and is expanding its strategic land positions on highly sought after and productive gold belts.
Abzu is well financed for its next phase of development and is positioned to continue aggressive work programs, strategic property acquisitions and joint ventures on targeted, prospective land. Abzu possesses experienced management; technical leadership; strategic in-country contacts; and an excellent shareholder base. Abzu has spent considerable time developing a unique understanding of Ghana, and has a long-term commitment to community partnerships designed to maximize
benefits to the local peoples, guided by traditional and government participation.
Abzu recently completed the acquisition of Abzu Resources Ltd., a private British Columbia company which held all of the Ghanaian and Cote d'Ivoire assets now held by Abzu. As a shareholder in Abzu Resources Ltd., the Company received 4,852,000 common shares of Abzu in exchange for its existing shares in Abzu Resources Ltd. on December 21, 2010, being the effective date of the Plan of Arrangement under the Business Corporations Act (B.C.). In addition, the Company held 3,782,000 subscription receipts of Abzu, which have been converted into 3,782,000 units of Abzu, effective
December 21, 2010. Each unit consists of one common share of Abzu and one common share purchase warrant. Each such warrant entitles the Company to acquire one additional common shares of Abzu at a price of $0.75 on or before December 21, 2011 (subject to acceleration of the expiry date in certain circumstances).
Cardero is not acting jointly or in concert with any other persons or companies in connection with such acquisition or the securities of Abzu. Cardero acquired the securities of Abzu for investment purposes only, and not for the purpose of influencing control or direction over Abzu. Cardero will, however, review its holdings in Abzu from time to time, and may increase or decrease its position as future circumstances dictate.
This article was originally posted on West Africa Business Communities
Are you interested in Market Research, Recruitment and Business Leads?
Join the Africa Business Panel, powered by Africa Business Communities.
www.africabusinesspanel.com.