Viking Ashanti Limited has arranged a placement of ordinary shares at $0.035 each to professional and sophisticated investors. This placement has been managed by Emerald Partners Limited and Inteq Limited. Funds will be used to funds costs associated with the Auminco merger transaction centred on Mongolian assets.

Viking has firm commitments for approximately $640,000, with further acceptances expected. The placement issue will be made in accordance with the company’s placement capacity under ASX Listing Rules 7.1 & 7.1A, which at the issue price equates to a maximum equity raise of $787,500.

Viking is a Perth-based ASX-listed company with gold exploration projects in Ghana in West Africa. It has recently announced a proposed merger with an emerging coal developer Auminco Mines.

The proceeds from the placement will be used to fund transaction costs associated with the merger transaction and for general working capital purposes.

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