Asante arranges $138.8M in private placements

Executive Summary

• Asante Gold Corp. announced a major capital raising initiative comprising a C$125 million bought deal private placement, a C$13.8 million non-brokered private placement with executive chairman Malik Easah, and an agreement to access a C$30 million (US) senior debt accordion.
• The bought deal involves the issuance of 78,125,000 common shares at $1.60 per share, with an overallotment option for up to 11,718,750 additional shares, potentially increasing total gross proceeds to C$143.75 million.
• Proceeds from the equity raise are intended for development and growth expenditures at the Bibiani and Chirano mines, as well as general working capital, with closings anticipated in early January 2026.

Key Details

• Bought Deal Private Placement:
  • Lead Underwriter: BMO Capital Markets (sole bookrunner).
  • Shares Issued: 78,125,000 common shares.
  • Price: C$1.60 per common share.
  • Gross Proceeds: C$125 million.
  • Overallotment Option: Underwriters have an option to purchase up to 11,718,750 additional common shares at the same price, exercisable up to 48 hours prior to closing, for additional gross proceeds of up to C$18.75 million.
  • Use of Proceeds: Development and growth expenditures at Bibiani and Chirano mines; general working capital.
  • Closing Date: Anticipated on or about January 6, 2026.
  • Conditions: Subject to regulatory approvals, including TSX Venture Exchange acceptance.
  • Hold Period: Four-month statutory hold period applies to shares issued.
• Non-Brokered Private Placement:
  • Subscriber: Malik Easah, Executive Chairman.
  • Shares Issued: 8,625,000 common shares.
  • Price: C$1.60 per common share.
  • Gross Proceeds: C$13.8 million.
  • Closing Date: Anticipated on or about January 31, 2026.
  • Conditions: Subject to regulatory approvals, including TSX Venture Exchange acceptance.
  • Hold Period: Four-month statutory hold period applies to shares issued.
  • Related-Party Transaction: Constitutes a related-party transaction under Multilateral Instrument 61-101; exempt from formal valuation and minority shareholder approval requirements as the value does not exceed 25% of market capitalization.
• Senior Debt Accordion:
  • Amount: Access to C$30 million (US) accordion feature under existing senior debt facility.
  • Provider: GCB Bank PLC.
  • Closing: Anticipated concurrent with the equity offering closing.
  • Conditions Precedent:
    • Completion of an equity raise for gross proceeds of not less than US$90 million by no later than January 15, 2026.
    • Maintenance of a minimum liquidity covenant of US$40 million.
    • Satisfaction of certain performance tests.