Asante GOLD Closes Shares FOR Debt Private Placement and Early Warning Report
ASANTE GOLD CLOSES SHARES FOR DEBT PRIVATE
PLACEMENT AND EARLY WARNING REPORT
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
FOR IMMEDIATE RELEASE December 15, 2017
Vancouver, British Columbia – December 15, 2017 – A sante Gold Corporation (CSE:ASE/
FRANKFURT:1A9/OTC:ASGOF) (“Asante Gold” or the “Company”) announces that it has
closed a Shares for Debt private placement announced on October 26, 2017.
The Company has settled $956,474.35 of debt by the issuance of 9,564,744 common shares and
603,976 common share purchase warrants (the ‘Warrants’), at a deemed price of $0.10 per share
to suppliers, employees, consultants and creditors of the Company, including some insiders.
Warrants were issued only to arms-length creditors and are exercisable into one common share at
a price of $0.15 for a two year term. The common sh ares issued are subject to a four month plus
one day hold period.
Douglas MacQuarrie, Director, President & CEO of th e Company, directly and indirectly
converted $281,617.90 in cash loans and expenses an d acquired 2,816,179 common shares. Mr.
MacQuarrie now beneficially owns, 12,540,729 common shares, 325,000 share purchase
warrants and 200,000 stock options, which upon exer cise of such warrants and stock options,
represents 22.65% of the issued and outstanding com mon shares of the Company on a partially
diluted basis.
The Company also announces that Goknet Mining Compa ny Limited (“Goknet”), a company
related to Asante Gold Corporation by a common Dire ctor, has acquired 4,445,000 common
shares of the Company and 444,500 common share purc hase warrants, reducing Goknet’s
outstanding loans to the Company by $444,500. Foll owing this transaction, Goknet beneficially
owns 9,287,000 common shares and 444,500 common sha re purchase warrants which represent
16.89% of the issued and outstanding common shares of the Company on a partially diluted
basis. Goknet has advised the Company that the shar es were acquired for investment purposes,
and that Goknet intends to evaluate its investment in the Company from time to time and to
increase or decrease its beneficial shareholding as it may determine for investment purposes.
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Certain directors and officers of the Company particip ated in the private placement. Any such
participation would be considered to be a “related party transaction” as defined under
Multilateral Instrument 61-101 (“MI 61-101”). The transactio n would be exempt from the
formal valuation and minority shareholder approval requir ements of MI 61-101 as neither the
fair market value of any common shares issued to or the consideration paid by such persons
would not exceed 25% of the Company’s market capitalization.
On behalf of the Board,
"Douglas R. MacQuarrie"
President and CEO
About Asante Gold Corporation
Asante is continuing to source equity/debt or joint venture funding to develop the Kubi Mining Lease in Ghana as a
potential near term underground mine; and exploring the Keyhole, Fahiakoba and Betenase concessions/options, all
adjoining or along strike of major gold mines near the centre of Ghana’s Golden Triangle.
For further information please contact:
Douglas MacQuarrie, President and CEO, tel: +1 604-558-1134; E-mail: [email protected]
Doreen Kent, Shareholder Communications, tel: +1 604-948-9450; E-mail: [email protected]
Florian Riedl-Riedenstein, Director; European Investor Relations, E-mail: [email protected]
Additional information is available on our web site at: www.asantegold.com
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the
adequacy or accuracy of this release.