Asante Gold announces closing of C$27m non-brokered private placement

Asante Gold Corporation has announced that it has completed its previously announced non-brokered placement of approximately C$27 million pursuant to which the company issued a total of 18,232,000 units of the company to a major institutional investor.

Each unit was sold at a price of C$1.50 and was comprised of one common share in the capital of the company and one common share purchase warrant of the company.

Each warrant is exercisable to acquire one common share at a price of C$1.75 per common share until April 6, 2024.

The securities issued under the offering are subject to a hold period expiring four months and one day following the closing date of the Offering in accordance with applicable securities laws.

Until the investor holds at least 5% of the outstanding common shares, the investor will have a right to participate in future equity financings by the company to maintain its share ownership percentage in the company.

No commissions or finder’s fees were paid by the company in connection with the offering.

The company intends to use the net proceeds of the offering to advance the exploration and development of the company’s mineral properties and for general corporate working capital purposes.

About Asante Gold Corporation

Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana.

Asante is currently operating the Bibiani and Chirano Gold Mines with combined forecast production of approximately 400,000 ounces of gold for 2023.

The company continues with detailed technical studies at its Kubi Gold Project for early production. All mines and exploration projects are located on the prolific Bibiani and Ashanti Gold Belts.

Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana.

The company is listed on the Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange.

Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana’s Golden Triangle.

About the Bibiani Gold Mine

Bibiani is an operating open pit gold mine situated in the Western North Region of Ghana, with previous gold production of more than 4.5 million ounces.

It is fully permitted with available mining and processing infrastructure on-site consisting of a newly refurbished 3 million tonne per annum process plant and existing mining infrastructure.

Mining commenced in late February 2022 with the first gold pour announced on July 7, 2022. Commercial production was announced on November 10, 2022.

About the Chirano Gold Mine

Chirano is an operating open-pit and underground mine located in the Western Region of Ghana, immediately south of the Company’s Bibiani Gold Mine.

Chirano was first explored and developed in 1996 and began production in October 2005.

The mine comprises the Akwaaba, Suraw, Akoti South, Akoti North, Akoti Extended, Paboase, Tano, Obra South, Obra, Sariehu and Mamnao open pits and the Akwaaba and Paboase underground mines.

Gold Equivalent Production in 2021 was 154,668 oz on a 100% basis (source Kinross Gold Corporation).