The offer is non-binding and “highly conditional”. Credit: by Lucas Santos on Unsplash.

Asante Gold has received an unsolicited expression of interest (EOI) from Fujairah Holding, which currently holds 11.43% of the Canadian miner’s outstanding shares.

Fujairah is now interested in buying the remaining issued and outstanding common shares at C$2.20 ($1.63) apiece in cash.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The offer is non-binding and “highly conditional”.

Fujairah’s EOI requires Asante to stop current talks with other entities regarding debt or equity funding.

Asante’s board called this condition “unacceptable”, stating this would halt the company’s search for alternative options to fulfil its financing needs.

Among the other conditions are due diligence during an exclusivity period that is said to be lengthy, negotiation of a definitive deal, and regulatory and shareholder clearances.  

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.

After carrying out discussions with its legal and financial advisers on the matter, Asanti’s board conceded that the offer is not in the best interests of the company or its shareholders.

The board also said that the proposal will be unable to address Asanti’s near-term funding needs.

In addition, the company said it has no indication whether Fujairah plans to make another offer or otherwise attempt to acquire the company’s shares.

In a statement, Asante said: “The company does not undertake any obligation to provide any updates with respect to the non-binding expression of interest or any other proposals, except as required under applicable law.”

Gold exploration and development company Asante currently operates the Bibiani and Chirano Gold Mines in Ghana, which are projected to collectively produce around 400,000oz of gold this year.

Asante purchased the Bibiani mine in 2021 for $90m from Australia’s Resolute Mining.

Last year, the company acquired Kinross Gold’s 90% stake in the Chirano mine for $225m.