Asante Gold Closes C$179.4m Bought Deal, Secures Additional $30m in Term Loan
Asante Gold Corporation has completed its previously announced bought deal private placement, raising gross proceeds of C$179.4 million to support expansion activities at its Bibiani and Chirano operations in Ghana.
The company issued 112.13 million common shares at C$1.60 per share, following the full exercise of the underwriters’ option. The brokered offering was led by BMO Capital Markets as sole bookrunner, alongside National Bank Financial and Clarus Securities.
Under the transaction, the underwriters received cash commissions of about C$9.85 million, equivalent to 5.5% of the gross proceeds, excluding subscriptions from investors on the company’s President’s List.
Asante said the net proceeds will be used to fund ongoing development and growth capital at the Bibiani and Chirano gold mines, as well as for general working capital purposes. The shares issued are subject to a four-month statutory hold period under Canadian securities laws, expiring on May 7, 2026, and the transaction remains subject to final approval from the TSX Venture Exchange.
In addition, the company has agreed to a non-brokered private placement with its Executive Chairman, Malik Easah, for the issuance of 8.63 million common shares at the same price of C$1.60 per share, raising a further C$13.8 million. This transaction is expected to close on or about January 30, 2026, pending TSX Venture Exchange approval.
Asante disclosed that certain insiders participated in the brokered offering on the same terms as arm’s length investors. These subscriptions constitute related party transactions under Multilateral Instrument 61-101, but the company said it is exempt from the requirements for a formal valuation and minority shareholder approval, as the value involved does not exceed 25% of its market capitalisation.
Separately, Asante announced the successful closing of the accordion feature under its senior term loan facility, effective December 31, 2025. This increased total lender commitments by US$30 million to US$150 million, with the additional funding provided by GCB Bank Plc.
Asante Gold operates the Bibiani and Chirano gold mines in Ghana and is advancing technical studies at its Kubi Gold Project. The company is listed on the TSX Venture Exchange, the Ghana Stock Exchange and the OTCQX market in the United States.
