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Asante Gold Corporation Completes $35 Million Second Tranche of $100 Million Equity Financing

9 months ago
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Asante Gold Corporation Completes $35 Million Second Tranche of $100 Million Equity Financing

Asante Gold Corporation has successfully closed the second tranche of its $100 million non-brokered private placement, raising $35 million.

The transaction, completed on Friday, November 15, 2024, involved the issuance of 31,896,857 common shares at a deemed price of C$1.50 per share to settle debts owed to arm’s length creditors.

Equity Financing Progress

The second tranche follows the initial $25 million tranche of the offering and brings the company closer to its funding goal.

The third tranche, valued at $40 million, is expected to close on or around December 5, 2024.

According to an amended agreement with a strategic investor announced on September 24, 2024, the investor will subscribe for the third tranche at a purchase price of C$1.50 per share.

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“Subsequent to the Company’s financing package announcement on October 30th, several Ghanaian service providers embraced the opportunity to participate in the private placement. Therefore, the second tranche of our US$100 million private placement has been configured to settle a variety of short-term liabilities through the issue of equity. This represents a significant vote of confidence in the long-term future of Asante by key Ghanaian suppliers and partners who have chosen to participate as shareholders in the Company,”  said Dave Anthony, Asante’s President and CEO.

“With these short-term liabilities now addressed, we continue to focus on accelerating the completion of the remaining elements of our financing package, which will fully fund our growth plans at Bibiani and Chirano,” he added. 

The use of proceeds from the $100 million offering according to Asante Gold includes the funding of growth and development initiatives at the Bibiani and Chirano mines, as well as acquisition opportunities and refinancing of liabilities.

The shares issued in the second tranche are subject to a mandatory hold period of four months and one day, in compliance with applicable securities regulations.

Asante Gold’s $100 million equity financing initiative is designed to support its strategic growth and strengthen its financial position as it advances key mining projects.

Tags: $100 Million Equity FinancingAsante Gold CorporationAsante Gold Corporation Completes $35 Million Second Tranche of $100 Million Equity Financing

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