Asante Announces Financing of Up to US$50 Million
Asante Announces Financing of Up to US$50 Million
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Asante Gold Corporation (CSE:ASE | GSE:ASG |
FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the “Company”) today announced that it has entered into an agreement with Clarus
Securities Inc. (“Clarus”) as Lead Agent, on behalf of a syndicate of agents (referred to collectively as the “Agents”), in connection with a
“best efforts” private placement of up to US$50,000,000 (the “Offering”) at C$1.80 per share (the “Issue Price”).
The Offering is expected to close on or about February 9, 2023, and is subject to a number of closing conditions including, but not limited to,
the receipt of all necessary regulatory approvals, including the approval of the Canadian Securities Exchange. The securities issued under
the Offering will be subject to a four month hold period from the date of issue in accordance with applicable securities laws.
The Company intends to use the net proceeds from the Offering for exploration and development of the Company’s mineral properties and
for general corporate working capital purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The
securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)
or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from such registration is available.
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 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. Asante is listed on the Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt
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. 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 mining operation situated in the Western North Region of Ghana, with previous gold production of more
than 4 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 with the first gold pour
announced on July 7, 2022. Commercial production was announced November 10, 2022.
For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani Gold Mine, please refer to Asante’s
press releases dated 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 mining operation located in Western North 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 Production in 2021 was 154,668 oz on a 100% basis (source
Kinross Gold Corporation).
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.
For further information please contact:
Dave Anthony, President & CEO: +1 647 382 4215 (Canada) or +233 55 879 3309 (Ghana), [email protected]
Frederick Attakumah, Executive Vice President, [email protected]
Cautionary Statement on Forward-Looking Statements
This news release contains forward -looking statements. 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, including the resources, reserves, exploration results, development programs, expected closing date of the Offering
and use of proceeds. 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.