Asante Announces Receipt of Net Proceeds From C$237M Equity Offering, Completion of Kinross Restructuring

Core Viewpoint - Asante Gold Corporation has successfully executed a financing package of approximately $500 million, which includes a bought deal private placement that raised about C$237 million, and has met the conditions for the first drawdown of this financing [1][2][6]. Financing Details - The bought deal private placement involved 163,300,000 subscription receipts priced at C$1.45 each, resulting in gross proceeds of approximately C$237 million [1]. - The financing package also includes a $125 million mezzanine facility, a $50 million gold stream, a $10 million non-brokered private placement, and a $5 million utilization of the senior debt facility [6]. Conversion and Share Issuance - The subscription receipts automatically converted into common shares, which are subject to a four-month hold period expiring on November 8, 2025 [2][3]. - As part of the Kinross Agreement, the company paid Kinross $53 million in cash, issued 36,927,650 common shares at a deemed price of C$1.45, and provided a secured convertible debenture of approximately $80 million [4]. Use of Proceeds - The net proceeds from the offering and the financing package will be utilized for development and growth expenditures at the Bibiani and Chirano mines, cash payments to Kinross, retirement of short-term liabilities, and general working capital [8]. Warrant Issuance - Asante granted Appian Capital Advisory Limited 16,180,864 non-transferrable common share purchase warrants, allowing the purchase of common shares at an exercise price of C$1.67 per share, valid until August 11, 2029 [7].