This offering will be executed in three tranches. Credit: Phawat/Shutterstock.

Asante Gold, a Canada-based company focused on gold exploration and development, has announced an equity financing deal with a strategic investor.

The agreement involves the sale of 90,666,667 common shares at C$1.50 each, amounting to aggregate gross proceeds of C$136m ($100m).

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

This offering will be executed in three tranches, with the initial $25m tranche expected to close on 15 October 2024.

The subsequent tranches will close on 14 November 2024 and 5 December 2024, raising $35m and $40m, respectively.

These transactions are contingent upon regulatory approvals including that of the Canadian Securities Exchange.

Asante noted that the capital raised will be allocated to the advancement of its Bibiani and Chirano mines.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Additionally, the funds will facilitate the exploration of new acquisition opportunities and the refinancing of existing liabilities.

The shares issued under this placement will be subject to a four-month hold period from the date of issue.

In parallel with the placement, Asante has reached preliminary terms to amend the repayment schedule with Kinross Gold.

This amendment pertains to the outstanding payments due for Asante’s acquisition of shares in Red Back Mining, which indirectly owns a 90% stake in the Chirano Gold Mine.

Both Kinross and Asante are working towards finalising the documentation for this amended agreement, and Asante will disclose full details once the process is complete.

Asante president and CEO Dave Anthony said: “This offering is a significant component of the comprehensive financing initiative that Asante has advanced. Another component, the Ghanaian bond programme, was announced on 19 September 2024.

“This initiative is also advancing in good order. We look forward to providing additional updates on our financing initiatives to fund the company’s development and recapitalise our short-term liabilities.”