Asante Announces Commitments of $470 Million Anchored by Appian and RMB; TSX-V Conditional Acceptance for Listing

Core Viewpoint - Asante Gold Corporation has secured $470 million in credit and equity commitments to fund its growth plans and recapitalize short-term liabilities, including a $175 million financing package from Appian Capital Advisory and a $170 million credit commitment from FirstRand Bank [2][3][5] Financing Package - The financing package includes a Senior Debt Facility of $150 million, a Subordinated Debt Facility of up to $125 million, and a Gold Stream financing of $50 million [3][5][7] - The Senior Debt Facility consists of a term loan of approximately $120 million and a revolving credit facility of approximately $30 million, with an interest rate of SOFR + 6.50% [7][8] - The Subordinated Debt Facility will have a maturity of seven years and an interest rate of SOFR + 9.75%, with the option for interest payments to be made in cash or payment-in-kind during the first 24 months [10] - The Gold Stream financing allows Asante to sell 1.50% of payable gold at 20% of the market price for 24 months, increasing to 2.25% thereafter [11] Kinross Agreement - The agreement with Kinross Gold Corporation involves settling approximately $53 million in deferred consideration, increasing Kinross's equity ownership to 9.9%, and converting remaining amounts into a convertible debenture and a non-convertible debt instrument [12][13] Operational Plans - The financing will support operational initiatives at the Bibiani and Chirano mines, including pit expansion, treatment plant completion, and underground mine development [5][4] - The company aims to achieve gold production of over 500,000 ounces per year by 2028, with projected free cash flow generation exceeding $2 billion through 2029 [4] Listing on TSX-V - Asante has received conditional acceptance for listing its common shares on the TSX Venture Exchange, with completion anticipated in August 2025 [17]