Asante Gold debentureholder Kinross converts debenture

Executive Summary

• Asante Gold Corp. announced that Kinross Gold Corp. converted the full $80 million principal and accrued interest of its secured convertible debenture into approximately 61.74 million common shares at $1.81 per share.
• The conversion extinguishes all obligations under the debenture, eliminating $80 million of debt from Asante’s balance sheet.
• The newly issued shares are subject to a statutory hold period that expires on December 13, 2025; no commission or bonus shares were paid in connection with the conversion.

Key Details

• Conversion amount: Approximately US$80 million (principal plus accrued interest).
• Conversion price: C$1.81 per share (Canadian‑dollar equivalent).
• Shares issued to Kinross: 61,735,867 common shares.
• Effect on capital structure: All obligations related to the convertible debenture are extinguished; debt eliminated, improving balance sheet leverage.
• Statutory hold period: Shares subject to a hold until Dec. 13, 2025 under Canadian securities law.
• No additional compensation: No commission or bonus shares were paid for the conversion.
• CEO comment: Dave Anthony highlighted that the conversion strengthens the balance sheet by removing debt and overhang from recent financing, supporting continued expansion at Bibiani and Chirano mines.

Notable Quotes

“This debenture conversion strengthens our balance sheet by eliminating debt and removing the potential overhang from our recently completed financing.” – Dave Anthony, CEO, Asante Gold Corp.