Asante GOLD Oversubscribes Private Placement
ASANTE GOLD OVERSUBSCRIBES PRIVATE PLACEMENT
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
FOR IMMEDIATE RELEASE January 9, 2017
Vancouver, British Columbia – January 9, 201 7 – Asante Gold Corporation ( CSE:ASE/
FRANKFURT:1A9/OTC:ASGOF) ("Asante” or the “ Company") announces that it has
received subscriptions for the full C$1.25 million working capital unit private placement
announced on September 20, 2016 . The first tranche of the placement was closed on October
21st, 2016. Each unit was priced at C$0.18 and consists of one common share and one half of a
two year share purchase warrant, each full warrant is exercisable for one common share at
C$0.25. All securities purchased under this offering are subject to a fou r month and one day
hold period from the date of issuance of the securities. BXC Company (Ghana) Limited, who
have entered into a 50:50 joint venture with the Compan y to develop the Kubi Mining Leases in
Ghana towards production, subscribed for C$700,000 of the units.
Proceeds from the private placement will be used for general working capital, including drilling
and other work programs on the Company’s Keyhole, Beten ase, Fahiakoba and Kubi projects in
Ghana. Finder’s fees are payable on a portion of the offering. All securities purchased under this
offering will be subject to a four month and one day hold period.
In addition, the shareholders of the Company overwhelmingly approved all of the motions at the
Annual General Meeting held on December 28, 2016, including dis -interested shareholder
approval for the Company to proceed with the acquisition of the Kubi Minin g Leases and up to
eight prospecting licenses located along strike to the south west of the Asanko Gold Mine and
adjoining Kubi, from Goknet Mining Company Limited of Accra, Ghana. The Kubi acquisition
terms were announced on August 9 th, 2016, please see our news release :
http://www.asantegold.com/news/kubi-gold-project-ghana-option-agreement .
The approval of the Kubi acquisition allows the Company to proceed with closing the BXC Kubi
Gold Mine joint venture. Closing has been extended to February 28 th, 2017 to allow for certain
closing conditions such as Ministerial approval to be granted.
Ghana completed a peaceful and fair election process in early December resulting in the election
of a pro -business and pro -rule of law government. The new Minister of Lands and Natural
Resources is expected to be appointed in the next few weeks. For the full terms of the JV p lease
see our October 17 th, 2016 news release: http://www.asantegold.com/news/asante-enters-ccad19-5m-
joint-venture-and-private-placement-kubi-gold-project-ghana .
Douglas R. MacQuarrie, President & CEO states, “We wish all our shareholders, contractors,
and employees a very healthy, happy and rewarding 2017. With the approval of the Kubi
acquisition, the substantial initial investment from BXC and the other placees, and a new
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business friendly government in Ghana, it appears 2017 will be a special year of growth for the
Company. We look forward to commencing the surface works at Kubi and aggressive
exploration on our other concessions – looking for a new discovery. Thank you for joining with
us.”
On behalf of the Board,
"Douglas R. MacQuarrie"
President and CEO
About Asante Gold Corporation
Asante and BXC are proceeding to develop the Kubi Gold Joint Venture as a potential near term underground mine;
and Asante is exploring the Fahiakoba, Keyhole and Betenase options, and other concessions, 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]
Kirsti Mattson, Media Relations, tel: +1 778-434-2241; E-mail: [email protected]
Florian Riedl-Riedenstein, Director; E-mail: [email protected]
Additional information is available on our web site at: www.asantegold.com
This news release contains statements of forward -looking information (or "FLI") including those in respect of future
exploration, joint venture, development, permitting and mining at Kubi and the other properties in which the
Company has an interest, finan cings, requisite shareholder approvals and timing for closing of the options. FLI
involves risks and uncertainties which could cause actual results to vary from the FLI. The risk factors that could
cause actual results to differ materially include: the ris k of failure to obtain sufficient financing; the inherent risks
involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drill
results and other exploration data; the potential for delays in exploration or development activities; the geology,
grade and continuity of mineralization; the possibility that future exploration, development or mining results will not
be consistent with the Company’s expectations; accidents, equipment breakdowns, labor disputes o r other
unanticipated difficulties with or interruptions in production and operations; the availability and costs of suitable toll
milling facilities; fluctuating prices of metals and other commodities; currency fluctuations; the possibility of project
cost overruns or unanticipated costs and expenses; uncertainties relating to the availability and costs of financing
needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs
and expenses; regulator y restrictions, including environmental regulatory restrictions and liability and the lack of
any assurance that the Company will receive all of the necessary governmental title and approvals to proceed with
the development of its projects. The material fa ctors and assumptions on which the FLI is based include the
extensive Kubi drilling database and current mineral resource estimate, the previously successful permitting, mining,
trucking and milling operations at Kubi, the local availability of skilled lab or, plant and machinery, and the positive
results from previous metallurgical tests on the Kubi Main deposit mineralization. The Company undertakes no
obligation to update FLI except as required by applicable law. Such information represents management's best
judgment based on information currently available. Readers are advised not to place undue reliance on FLI.
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the
adequacy or accuracy of this release.