Asante GOLD to Commence Trading ON the Ghana Stock Exchange
ASANTE GOLD TO COMMENCE TRADING ON THE
GHANA STOCK EXCHANGE
Vancouver, British Columbia, June 29, 2022 – Asante Gold Corporation (CSE:ASE |
GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the “Company”) is pleased
to announce that further to its application for a secondary listing by introduction on the Main
Market of the Ghana Stock Exchange (the “GSE”), the Company has received final approval from
the Ghana Securities and Exchange Commission and the Ghana Stock Exchange to commence
trading.
Trading will commence under the symbol ‘ASG’ at the opening on June 29, 2022.
A copy of the *Prospectus “SECONDARY LISTING BY INTRODUCTION ON THE GHANA
STOCK EXCHANGE OF EXISTING 315,007,462 COMMON SHARES OF ASANTE GOLD
CORPORATION” is available on the Company’s website indicated below.
Listing Statistics
Price on CSE (as at date on day of Listing) CAD$1.58
Initial Listing Price on GSE1 GHS 8.87
Number of Ordinary Shares listed by Introduction2 315,007,462
Market capitalization at Listing Price (CAD$) 497,711,780
Market capitalization at Listing Price (GHS) 2,793,158,565
Notes:
1. Based on exchange rate of price on CSE at CAD$ 1.00 = GHS 5.6120 as at June 28, 2022 (Bank of Ghana)
2. Number of shares outstanding as at May 31, 2022, the date of the prospectus.
Douglas MacQuarrie, Non-Executive Chairman stated, “It is with a great sense of ‘having arrived’
that Asante is now listed on Ghana’s premier stock exchange, one of the best performing stock
exchanges in Africa in 2021. This listing complements our listings in Canada and in Germany and
provides our Ghanaian shareholders, and potential new investors, the opportunity to invest and
trade their shares locally in Ghana.”
Asante’s CEO, Dave Anthony, added, “Asante has significant ownership by both private Ghanaian
investors and Ghanaian institutions, and the Company is excited to be able to offer Ghana’s
investment community and all interested investors the opportunity to participate in our growth as
we work to achieve our vision of becoming a Tier-1 gold producer in West Africa.”
Black Star Advisors Limited and Black Star Brokerage Limited acted as Arranger and Sponsoring
Broker respectively to Asante in respect of the Listing on the Ghana Stock Exchange.
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About Asante Gold Corporation
Asante is a gold exploration, development, and operating company with a high-quality portfolio of projects
in Ghana. Asante is currently focused on closing the acquisition of the Chirano Gold Mine from Kinross
Gold Corporation and developing to production its Bibiani and Kubi Gold mines 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 quoted on 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
The Bibiani Gold Mine is a historically significant Ghanaian gold mine situated in the Western North region
of Ghana. Bibiani has previous production of +4Moz, is fully permitted with available mining and
processing infrastructure on site consisting of a 3 million tonne per annum mill and processing plant.
The Current Mineral Resource Estimate for Bibiani, effective as of November 7, 2021, as set out in the
Technical Report titled “Technical Report on the Bibiani Gold Mine, Ghana”, prepared by Ian M. Glacken
(FAusIMM (CP), FAIG, CEng) of Optiro Pty Limited and assisted by Dan Bansah (MSc, MAusIMM (CP),
FWAIMM, MGIG) of Minecon Resources and Services Ltd. as Qualified Person and filed on SEDAR, is
Measured and Indicated for the Bibiani main pit and the Satellite pits at 20.8 million tonnes at 2.71 grams
of gold per tonne for 1.81 Moz of gold; and Inferred 8.41 million tonnes at 2.78 grams of gold per tonne
for 0.753 Moz of gold. The Mineral Resource has been reported above a 0.65 g/t gold cut-off and has been
depleted for both historical open pit and underground development as of August 31, 2017. The Technical
Report was prepared using accepted industry practices in accordance with the JORC Code (JORC, 2012).
There are no material differences between the definitions of Measured, Indicated and Inferred Mineral
Resources under the CIM Definition Standards and the equivalent definitions in the JORC Code. The
Satellite pit resource is an update completed in 2018 by Resolute Mining Limited, the former owner of the
Bibiani Gold Mine. The Satellite pit resource is also reported above a cut-off grade of 0.65 g/t gold inside
a pit shell defined at a gold price of US$1,950. Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
About the Chirano Gold Mine
Chirano is an operating open-pit and underground mining operation located in southwestern 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).
For further information please contact:
Dave Anthony, President & CEO: [email protected]
Malik Easah, Executive Director: [email protected]
Frederick Attakumah, Executive Vice President: [email protected]
Alec Rowlands, Capital Markets Consultant, [email protected]
Valentina Gvozdeva, Manager IR, [email protected]
Kirsti Mattson, Media Relations, [email protected]
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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 statements
regarding the structure and terms of the Chirano Acquisition, timing for completion of the Chirano
Acquisition, the ability of the Company to complete the Chirano Acquisition on the terms announced, the
ability of the parties to satisfy all administrative matters required in order to consummate the Chirano
Acquisition, anticipated synergies, the resources, reserves, exploration results, and development program
at Chirano, Bibiani and Kubi, including timing of future mine development and the start of production.
Factors that could cause actual results to differ materially from these forward-looking statements include,
but are not limited to, the inability to satisfy any condition required to complete the Chirano Acquisition,
termination of the share purchase agreement, 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, and the Company's inability to raise the necessary capital
or to be fully able to implement its business strategies. 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 Canadian Securities Exchange, 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.