Asante Gold Corporation Secures $100 Million Equity Financing Deal with Strategic Investor
Asante Gold Corporation has announced an equity financing agreement with a strategic investor, involving the sale of 90,666,667 common shares at C$1.50 per share for total gross proceeds of C$136 million (approximately $100 million).
This financing will occur through a non-brokered private placement and will be executed in three tranches: $25 million on October 15, 2024, $35 million on November 14, 2024, and$40 million on December 5, 2024, pending regulatory approvals, including the Canadian Securities Exchange.
The proceeds from this offering will be used for growth and development projects at Asante’s Bibiani and Chirano mines, as well as for acquisition opportunities and liability refinancing.
Additionally, Asante Gold is advancing a Ghanaian bond program announced on September 19, 2024, as part of its comprehensive financing initiatives to recapitalize its short-term liabilities.
Furthermore, Asante Gold has agreed on non-binding terms with Kinross Gold Corporation regarding an amended repayment schedule for the remaining amounts owed from Asante Gold’s acquisition of Red Back Mining Pty Ltd., which holds a 90% stake in the Chirano Gold Mine.
According to Asante Gold, the shares issued under this offering will be subject to a four-month hold in compliance with Canadian securities laws.
