Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Viking Ashanti Raises A$1.27M For Exploration In Ghana

Viking Ashanti (ASX: VKA) has raised A$1.27 million via a pro-rata non renounceable rights issue to shareholders to build on the 700,000 ounce gold resource at Akoase in Ghana.

"The support shown by the Company's shareholders is particularly pleasing considering the turbulent times currently being experienced by financial markets," chairman Jack Gardner said.

"It underlines confidence in the management team and the Company's gold projects in southern Ghana, in particular our 100% owned Akoase project where the resource has grown to over 700,000 ounces of gold, with excellent scope for further increases."

The rights issue of one new share for every four existing Viking Ashanti shares held at an issue price of A$0.10 per share, had a 73% take up rate, bringing the number of ordinary shares on issue up to 81,850,580.

Viking Ashanti, which had been seeking up to A$1.73 million, will now work with Lead Manager Canaccord Genuity (Australia) Limited to place the shortfall shares.

Akoase gold project

The company had last month discovered new gold anomalies which provide untested exploration targets at the wholly owned Akoase gold project in southern Ghana.

Over 2000 samples were collected on a 400 metre by 50 metre pattern which highlighted three prominent northeast trending >50ppb Au anomalous zones in the western area of the project, while a further six northeast trending anomalous zones have been identified in the southeastern area.

Individual anomalies vary from 800 metres to 2.4 kilometres in strike length, and are up to 100 metres wide.

The anomalies were identified from soil sampling in the western and southeastern areas of the Akoase project, which were targeted by Viking Ashanti based on interpretation of regional geological, structural and geophysical data sets.

Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.