- Asante (ASE) has closed its US$100M private placement including two major subscribers
- These include Emiral Resources and The Ghana Minerals Income and Investment Fund
- The company will use the proceeds to fund the acquisition and development of the Bibiani Mine
- Asante is a pure-play gold exploration and development company active in Ghana
- Asante (ASE) is unchanged trading at $1.60 per share
Asante (ASE) has closed its US$100M private placement including two major subscribers.
The Ghana Minerals Income and Investment Fund subscribed for 14,514,286 common shares.
The fund, which receives royalties from mineral production in Ghana, has been mandated by the Ghanaian government to serve as a strategic lever to the country’s minerals industry. It currently has GH$1.9B under management.
Emiral Resources subscribed for 12,249,208 shares and now owns 19.87 per cent of the company.
Asante issued shares at C$1.75 and received a total of C$101.98M in financing.
It issued the second US$30M payment to Resolute Mining for the Bibiani Mine acquisition in west Ghana, with the final US$30M payable in six months.
It will use the remaining proceeds for working capital and to develop the Bibiani Mine.
The mine’s current mineral resource estimate (November 2021) includes 1.81 Moz of gold measured and indicated and 0.75 Moz of gold inferred.
Asante is a pure-play gold exploration and development company active in Ghana.
Asante (ASE) is unchanged trading at $1.60 per share as of 10:08 am EST.