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Thursday, December 5, 2024
BusinessAsante Gold issues 31.9m shares to settle $35m debt owed creditors

Date:

Asante Gold issues 31.9m shares to settle $35m debt owed creditors

Asante Gold Corporation, a gold exploration, development and operating company, has issued 31,896,857 common shares to settle $35 million in outstanding debt owed to arm’s length creditors.

The move comes as part of the second tranche of the company’s $100 million non-brokered private placement, which closed on November 15, 2024.

The shares, priced at a deemed value of C$1.50 each, were issued to address short-term liabilities and bolster confidence among the company’s stakeholders. According to Dave Anthony, President and CEO of Asante, this arrangement highlights growing trust in the company’s long-term prospects.

“This represents a significant vote of confidence in the long-term future of Asante by key Ghanaian suppliers and partners who have chosen to participate as shareholders in the company,” Dave Anthony stated.

The securities issued under the Second Tranche Closing are subject to a hold period expiring four months and one day in accordance with applicable securities laws. No commissions or finder’s fees were paid by the company in connection with the second tranche closing.

With the successful completion of the second tranche, Asante has announced that the third and final tranche of $40 million will be executed by December 5, 2024, as part of its ongoing financing package to support growth plans at the Bibiani and Chirano Gold Mines.

The company is currently operating the Bibiani and Chirano Gold Mines and continues with detailed technical studies at its Kubi Gold Project. 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 and the Ghana 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.

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