Kinross Gold sells 29.85 million shares of Asante Gold

Executive Summary

• Kinross Gold Corp. sold 29,850,984 common shares of Asante Gold Corp., representing ~4.2 % of Asante’s outstanding shares and ~44.7 % of Kinross’s holdings, for an aggregate cash consideration of $46.27 million at $1.55 per share.
• Post‑sale, Kinross retains 36,927,650 Asante common shares, five million warrants, and a convertible debenture (convertible at $1.81 per share), resulting in an ownership of approximately 5.2 % (non‑diluted) or 13.2 % (partially diluted) of Asante.
• Kinross states the sale was made in the ordinary course of its portfolio investments and does not currently have any further plans regarding its Asante investment, though future transactions remain possible.

Key Details

• Shares sold: 29,850,984 common shares of Asante Gold Corp.
• Ownership before sale: ~9.4 % of outstanding shares (up to 18 % on a partially diluted basis).
• Sale price: $1.55 per share (excluding commissions).
• Total proceeds: $46,269,025.20.
• Remaining Kinross holdings after sale:
• 36,927,650 Asante common shares.
• Five million warrants to purchase additional Asante shares.
• One convertible debenture (convertible at $1.81 per share for five years).
• Post‑sale ownership percentages: ~5.2 % of outstanding shares on a non‑diluted basis; ~13.2 % on a partially diluted basis assuming conversion of Kinross’s convertible securities.
• Rationale: Sale executed in the ordinary course of investments; no immediate further actions planned, but future purchases or sales may occur depending on market conditions.
• Additional information: Early warning report filed by Kinross is available on Asante’s SEDAR+ profile; contact Luke Crosby (SVP, General Counsel & Corporate Secretary) for a copy.

Notable Quotes

(No direct quotes were provided in the release.)