Akwaaba Mining Ltd. announced a non brokered private placement of 14,000,000 units at an issue price of CAD 0.015 for the gross proceeds of CAD 210,000 on February 28, 2023. Each Unit will consist of one Common Share and one common share purchase warrant. Each warrant will entitle the holder to acquire one Common Share for CAD 0.0225 for a period of 5 years after the closing of the transaction. The transaction will include participation from AllanGreen, CEO and director of the Company, who will participate in the financing. All securities issued in connection with the Offering will be subject to a statutory hold period of four months and one day, as well as to any other restrictions imposed by applicable securities regulatory authorities. Completion of the Offering is subject to a number of conditions, including without limitation, receipt of TSX Venture Exchange approval. The company also announced that it has extended the 2022 Annual General Meeting on March 31, 2023. The Company currently has 191,187,470 Common Shares issued and outstanding. The proposed Consolidation, assuming the 20:1 ratio, will reduce the number of outstanding Common Shares to approximately 9,559,373 Common Shares. The proposed Consolidation is subject to acceptance by the TSX Venture Exchange and approval of the Company's shareholders at the AGM.

On March 6, 2023, the company has amended the terms of the transaction. Each unit consists of one common share and one half common share purchase warrant. Each whole common share purchase warrant will entitle the holder to acquire one Common share for CAD 0.05 for a period of 5 years after the Closing of the transaction.