Asanko Gold Inc (NYSEAMERICAN:AKG) has announced the filing of a preliminary short form base shelf prospectus with the securities commissions. The company has filed it in all the Canadian provinces except Quebec. Apart from that, it has also filed a corresponding shelf registration statement on Form F-10.
Asanko Gold has filed the registration statement with the U.S. Securities and Exchange Commission under the U.S./Canada Multijurisdictional Disclosure System. The shelf registration statement, as well as the base shelf prospectus, will come into effect after finalization allowing the company to offer the maximum US $300,000,000 of warrants, common shares, debt securities and units, subscription receipts or any combination thereof at regular intervals for over a period of 25 months.
The specific terms related to the offering of securities inclusive of the use of proceeds from any of the above offering will be a part of the shelf prospectus supplement. Asanko is seeking greater financial flexibility for the future which is why it has decided to file the base shelf prospectus. However, the company is yet to enter into any arrangements or for that matter into any agreements to authorize or even offer the securities at present.
Shelf Registration Statement Is Yet To Become Effective
It should be noted that the shelf registration statement filed by Asanko Gold with the SEC is yet to become effective. It means no securities can be sold or offered for buying or acceptance until the time the registration statement becomes effective. The company engages in exploration, development, and production of gold properties and has a market cap of $181.07 million.
Its principal project Asanko Gold Mine consists of two gold projects including the Esaase Project and the Obotan Project in Amansie, West District of the Republic of Ghana, West Africa. Recently the company faced a putative class action securities lawsuit filed in the United States District Court for the Eastern District of New York. However, the case was voluntarily dismissed.