Asante Gold Corporation expanded the size of its bought-deal private placement to raise gross proceeds of C$156 million.

34

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

Asante Gold Corporation has increased the size of its previously announced bought-deal private placement to raise gross proceeds of C$156 million, as the Canada- and Ghana-listed gold producer moves to accelerate development and growth activities at its Bibiani and Chirano mines.

The company said it has entered into an agreement with BMO Capital Markets, which will act as lead underwriter and sole bookrunner for a syndicate of underwriters, to issue 97.5 million common shares at a price of C$1.60 per share.

The transaction represents an increase from the earlier announced size of the offering.

Under the terms of the brokered offering, the underwriters have also been granted an option, exercisable up to 48 hours before closing, to purchase up to an additional 14.63 million shares at the same price, which could raise a further C$23.4 million in gross proceeds.

Source: newsthemegh.com