Asante Gold Raises $173M to Restructure Debt, Boost Ghana Operations
TLDR
- Asante Gold Corporation has raised $173 million in a fully subscribed private placement to support its operations in Ghana and restructure its debt
- The Canadian mining company aims to use the funds to strengthen its Bibiani and Chirano gold mines and simplify its capital structure
- These receipts will convert to common shares upon completion of a larger $275 million aggregate financing
Asante Gold Corporation has raised $173 million in a fully subscribed private placement to support its operations in Ghana and restructure its debt. The Canadian mining company aims to use the funds to strengthen its Bibiani and Chirano gold mines and simplify its capital structure.
The deal was executed through a bought-deal private placement, with $163.3 million raised via subscription receipts at $1.06 each. These receipts will convert to common shares upon completion of a larger $275 million aggregate financing. Until then, proceeds are held in escrow.
Part of the capital will be used to restructure debt owed to Kinross Gold, the previous owner of the Chirano mine. Asante will pay $53 million upfront and issue new shares, raising Kinross’s equity stake to 9.9%. The balance will be settled through a convertible bond and a deferred promissory note.
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Key Takeaways
Asante Gold’s financing reflects rising investor confidence in Africa’s gold sector. The company’s focus on Bibiani and Chirano—two established gold sites—comes at a time of strong gold prices and demand for low-risk, high-yield projects. The capital raise also reduces debt exposure to Kinross while preserving cash flow through flexible instruments. Ghana, Africa’s second-largest gold producer, continues to attract interest due to its mining-friendly policies and established infrastructure. By securing nearly $175 million and targeting a broader $275 million funding goal, Asante positions itself to scale operations, explore the high-potential Kubi project, and improve its financial structure. The move signals a shift toward consolidation and disciplined capital management in Africa’s mid-tier gold mining segment.
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