Asante Announces Closing of C$27 Million Non-Brokered Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
ASANTE ANNOUNCES CLOSING OF C$27 MILLION
NON-BROKERED PRIVATE PLACEMENT
Vancouver, British Columbia, April 6, 2023 – Asante Gold Corporation (CSE:ASE | GSE:ASG |
FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the “Company”) is pleased to announce that it has
completed its previously announced non- brokered placement of approximately C$27 million (the
“Offering”) pursuant to which the Company issued a total of 18,232,000 units of the Company (each, a
“Unit”) to a major institutional investor (the “Investor”). Each Unit was sold at a price of C$1.50 and was
comprised of one common share in the capital of the Company ( a “Common Share”) and one common
share purchase warrant of the Company (a “Warrant”). Each Warrant is exercisable to acquire one Common
Share at a price of C$1.75 per Common Share until April 6, 2024. The securities issued under the Offering
are subject to a hold period expiring four months and one day following the closing date of the Offering in
accordance with applicable securities laws. Until the Investor holds at least 5% of the outstanding Common
Shares, the Investor will have a right to participate in future equity financings by the Company to maintain
its share ownership percentage in the Company. No commissions or finder’s fees were paid by the Company
in connection with the Offering.
The Company intends to use the net proceeds of the Offering to advance the exploration and development
of the Company’s mineral properties and for general corporate working capital purposes.
About Asante Gold Corporation
Asante is a gold exploration, development and operating company with a high-quality portfolio of projects
and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines with combined
forecast production of approximately 400,000 ounces of gold for 2023. The Company continues with
detailed technical studies at its Kubi Gold Project for early production. 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, the Ghana Stock Exchange and the Frankfurt Stock Exch ange. 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. Additional information is available
on the Company’s website at www.asantegold.com.
About the Bibiani Gold Mine
Bibiani is an operating open pit gold mine situated in the Western North Region of Ghana, with previous
gold production of more than 4.5 million ounces. It is fully permitted with available mining and processing
infrastructure on-site consisting of a newly refurbished 3 million tonne per annum process plant and existing
mining infrastructure. Mining commenced in late February 2022 with the first gold pour announced on July
7, 2022. Commercial production was announced November 10, 2022.
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For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani
Gold Mine, please refer to Asante’ s press releases dat ed July 18, 2022 and September 1, 2022 and the
technical report filed on its SEDAR profile (www.sedar.com) on September 1, 2022.
About the Chirano Gold Mine
Chirano is an operating open- pit and underground mine located in the Western Region of Ghana,
immediately south of the Company’s Bibiani Gold Mine. Chirano was first explored and developed in 1996
and began production in October 2005. The mine comprises the Akwaaba, Suraw, Akoti South, Akoti
North, Akoti Extended, Paboase, Tano, Obra South, Obra, Sariehu and Mamnao open pits and the Akwaaba
and Paboase underground mines. Gold Equivalent Product ion in 2021 was 154,668 oz on a 100% basis
(source Kinross Gold Corporation).
For further information please contact:
Dave Anthony, President & CEO: +1 647 382 4215 (Canada) or +233 55 879 3309 (Ghana),
Frederick Attakumah, Executive Vice President, [email protected]
Qualified Person Statement
The scientific and technical information contained in this news release has been reviewed and approved by
Dave Anthony, P. Eng., Mining and Mineral Processing, President and CEO of Asante, who is a “qualified
person” under NI 43-101.
Cautionary Statement on Forward-Looking Statements
Certain statements in this news release constitute forward-looking statements, including but not limited to,
the use of proceeds of the Offering, production forecasts for the Bibiani and Chirano Gold Mines, estimated
mineral resources, reserves, exploration results, development programs and increases in mine -life and
potential synergies between Chirano and Bibiani. Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results, performance, prospects, and opportunities to differ
materially from those expressed or implied by such forward -looking statements. Factors that could cause
actual results to differ materially from these forward -looking statements include, but are not limited to,
variations in the nature, quality and quantity of any mineral deposits that may be located, the Company ’s
inability to obtain any necessary permits, consents or authorizations required for its planned activities, the
Company’s inability to raise the necessary capital or to be fully able to implement its business strategies,
and the price of gold. The reader is referred to the Company ’s public disclosure record which is available
on SEDAR ( www.sedar.com). Although the Company believes that the assumptions and factors used in
preparing the forward- looking statements are reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release, and no assurance can be given that such
events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies
of the securities exchanges on which the Company is listed, the Company disclaims any intention or
obligation to update or revise any forward-looking statement, whether as a result of new information, future
events or otherwise.
LEI Number: 529900F9PV1G9S5YD446. Neither IIROC nor any stock exchange or other securities
regulatory authority accepts responsibility for the adequacy or accuracy of this release.