Asante increases brokered private placement to $156M

Executive Summary

• Asante Gold Corp. has increased its previously announced bought deal private placement to raise aggregate gross proceeds of C$156 million (approx. $156M CAD) by issuing 97.5 million common shares at $1.60 per share.
• The company has also secured a non-brokered private placement with Executive Chairman Malik Easah for 8,625,000 shares, generating $13.8 million in gross proceeds.
• Additionally, Asante has accessed an accordion feature on its senior debt facility to increase total commitments by $30 million (USD), subject to completing an equity raise of at least $90 million (USD) by January 15, 2026.

Key Details

• Brokered Offering Increase:
  • Lead Underwriter: BMO Capital Markets (sole bookrunner).
  • Total Shares: 97.5 million common shares.
  • Price: $1.60 per common share.
  • Gross Proceeds: $156 million.
  • Use of Proceeds: Continued development and growth expenditures at the Bibiani and Chirano mines, and general working capital purposes.
  • Closing Date: Anticipated on or about January 6, 2026.
  • Over-Allotment Option: Underwriters have an option to purchase up to an additional 14,625,000 common shares at $1.60 per share for additional gross proceeds of up to $23.4 million. This option is exercisable up to 48 hours prior to the closing date.
  • Hold Period: Four-month statutory hold period applies to shares issued in the brokered offering.
• Non-Brokered Private Placement:
  • Subscriber: Malik Easah, Executive Chairman of the company.
  • Shares: 8,625,000 common shares.
  • Price: $1.60 per share.
  • Gross Proceeds: $13.8 million.
  • Closing Date: Anticipated on or about January 30, 2026.
  • Hold Period: Four-month statutory hold period applies to shares issued in the non-brokered offering.
  • Regulatory Status: Constitutes a related-party transaction under Multilateral Instrument 61-101; exempt from formal valuation and minority shareholder approval requirements as the transaction value does not exceed 25% of market capitalization.
• Debt Facility Accordion:
  • Action: Agreement with senior lenders to access the accordion feature of the existing senior debt facility.
  • Increase Amount: $30 million (USD) in total commitments.
  • Provider: GCB Bank PLC is envisaged to be the provider.
  • Closing: Anticipated to be concurrent with the closing of the brokered offering.
  • Conditions & Undertakings:
    • Complete an equity raise for gross proceeds of not less than $90 million (USD) by no later than January 15, 2026.
    • Maintain minimum liquidity of $40 million (USD).
    • Satisfy certain performance tests.