Asante Announces Conversion of Convertible Debenture

Executive Summary

• Kinross Gold Corporation elected to convert its entire US$80 million secured convertible debenture into approximately 61.74 million Asante common shares at C$1.81 per share.
• The conversion extinguishes the debenture, eliminating related debt and interest obligations from Asante’s balance sheet.
• Shares issued are subject to a statutory hold period that expires on December 13 2025; no commission or bonus shares were paid.

Key Details

• Conversion Amount: Approximately US$80 million (Canadian‑dollar equivalent) comprising principal plus accrued and unpaid interest.
• Conversion Price: C$1.81 per share.
• Shares Issued: 61,735,867 common shares to Kinross Gold Corporation.
• Resulting Effect: All obligations under the convertible debenture are extinguished; the debenture is no longer outstanding.
• Statutory Hold Period: Shares subject to a hold until December 13 2025 per Canadian securities law.
• No Compensation Paid: No commission or bonus shares were issued in connection with the conversion.

Notable Quotes

“This debenture conversion strengthens our balance sheet by eliminating debt and removing the potential overhang from our recently completed financing… we look forward to executing our plans to advance our expansion projects at both Bibiani and Chirano,” – Dave Anthony, CEO.