Asante Gold (ASE-Cse) Financing Of Up To Us$50 Million
Jan 23, '23 - NR
Asante Gold today announced that it has entered into an agreement with Clarus Securities Inc. (“Clarus”) as Lead Agent, on behalf of a syndicate of agents (referred to collectively as the “Agents”), in connection with a “best efforts” private placement of up to US$50,000,000 (the “Offering”) at C$1.80 per share (the “Issue Price”).
The Offering is expected to close on or about February 9, 2023, and is subject to a number of closing conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange. The securities issued under the Offering will be subject to a four month hold period from the date of issue in accordance with applicable securities laws.
The Company intends to use the net proceeds from the Offering for exploration and development of the Company’s mineral properties and for general corporate working capital purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 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. Asante 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. Additional information is available on the Company’s website at www.asantegold.com.
About the Bibiani Gold Mine
Bibiani is an operating open pit gold mining operation situated in the Western North Region of Ghana, with previous gold production of more than 4 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 with the first gold pour announced on July 7, 2022. Commercial production was announced November 10, 2022.
For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani Gold Mine, please refer to Asante’s press releases dated July 18, 2022 and September 1, 2022 and the technical report filed on its SEDAR profile ( www.sedar.com) on September 1, 2022.
About the Chirano Gold Mine
Chirano is an operating open-pit and underground mining operation located in Western North 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).
Qualified Person Statement
The scientific and technical information contained in this news release has been reviewed and approved by Dave Anthony, P.Eng, Mining and Mineral Processing, President and CEO of Asante, who is a "qualified person" under NI 43-101.
For further information please contact:
Dave Anthony, President & CEO: +1 647 382 4215 (Canada) or +233 55 879 3309 (Ghana), dave@asantegold.com
Frederick Attakumah, Executive Vice President, frederick@asantegold.com |
