Asante Gold Secures $237m in Financing, Completes Kinross Restructuring

Asante Gold has raised $172m through a private placement and completed the restructuring of its obligations to Kinross Gold. The funds will be used for development and growth at the Bibiani and Chirano mines, a cash payment to Kinross, retiring short-term liabilities, and general working capital. The equity offering is part of a broader $500m financing package aimed at advancing the company's mining projects.

Asante Gold Corporation has successfully raised $172 million through a private placement and completed the restructuring of its obligations to Kinross Gold. The funds will be used for development and growth at the Bibiani and Chirano mines, a cash payment to Kinross, retiring short-term liabilities, and general working capital. The equity offering is part of a broader $500 million financing package aimed at advancing the company's mining projects.

The private placement involved the sale of 163.3 million subscription receipts at C$1.45 each, with the proceeds now released to Asante Gold following the satisfaction of escrow conditions. The equity offering is part of the first stage of the financing package, which includes a $125 million mezzanine facility, a $50 million gold stream, a $10 million non-brokered private placement, and a $5 million draw from the senior debt facility, all expected to close by August 15, 2025. The subscription receipts have been converted into common shares, subject to a four-month statutory hold period applicable to Canadian securities laws, which expires on November 8, 2025.

Additionally, Asante Gold has granted Appian Capital Advisory 16.2 million non-transferrable common share purchase warrants as part of Appian's advisory role related to $175 million of the financing package. These warrants, with an exercise price of C$1.67, are valid until August 11, 2029 and subject to a four-month hold period ending on December 12, 2025.

In connection with the Kinross Agreement dated August 11, 2025, Asante Gold has restructured its debts to Kinross by making a cash payment of $53 million, issuing 36.9 million common shares, and providing an $80 million convertible debenture. Kinross has also adjusted its security interests in the Chirano Mine, now subordinate to the senior lenders' security package.

The net proceeds from the equity offering and financing package will be used for development and growth at the Bibiani and Chirano mines, the cash payment to Kinross, retiring short-term liabilities, and general working capital. This development follows Asante Gold's announcement in January of accelerated operations at the Bibiani Mine, supported by a $100 million gold forward sale to support expanded operations.

References:
[1] https://www.globenewswire.com/news-release/2025/08/14/3133307/0/en/Asante-Announces-Receipt-of-Net-Proceeds-from-125M-Mezzanine-50M-Stream-10M-Non-Brokered-Private-Placement-Financings-5M-Senior-Debt-First-Utilization.html
[2] https://finance.yahoo.com/news/asante-gold-raises-172m-completes-094122872.html