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Asante Announces Completion of Acquisition of Tirano Gold Mine in Ghana, Canadian Business Journal

VANCOUVER, British Columbia, August 10, 2022 (GLOBE NEWSWIRE) — Asante Gold Corporation (CSE:ASE | GSE: AhS.Ga | debtRankfurt:1A9 | USOTC:ASGOF) (“Asante” or “Company), in addition to a news release dated April 25, 2022, announced that it has completed the acquisition of all outstanding shares of the capital of Red Back Mining Pty Ltd, in which it indirectly holds a 90% stake. I am happy. Chirano Gold Mine (“Chirano”) Pursuant to the Share Purchase Agreement dated April 24, 2022, amended (“purchase contract”), KG Africa BV (“vendor), Kinross Gold Corporation (“Kinross), and Kinross (“Chirano acquisition”). The Government of Ghana will continue to hold his 10% stake in Tyranno.

The total consideration for the Chirano acquisition is approximately US$225 million, subject to certain adjustments after closing. In relation to the closing of the Chirano Acquisition (“close”), the purchase agreement was amended to, among other things, reduce the cash consideration payable by Asante at closing. As a result of this amendment, the Company paid Vendor his $60 million in cash and in the capital of the Company he issued 34,962,584 shares of common stock.common stockBased on a price of $1.335 CAD per common share, which is the volume-weighted average trading price of common stock on the Canadian Stock Exchange for the 30 trading days ending August 9, the Kinross vendor has an aggregate value of approximately US$36.2 million. will also receive approximately $128.8 million in cash as deferred consideration. of which (i) US$55 million will be paid within six months after closing; (ii) approximately US$36.9 million to be paid by 2022; (iii) approximately US$36.9 million to be paid on or before his second anniversary of closing; Kinross has agreed to retain common stock representing his 9.9% ownership interest in Asante on a non-dilutive basis for at least 12 months after closing.

The deferred consideration payments described above are guaranteed on a limited redemption basis by certain companies acquired by Asante from vendors and secured by collateral of certain equity interests in these companies, including Chirano Gold Mines Limited.

Securities issued in connection with the Chirano acquisition are subject to a hold period that expires on December 11, 2022 in accordance with applicable Canadian securities laws.

Dave Anthony, President and CEO, said: This acquisition has enabled us to transition to a multi-asset company and leverage these assets to deliver long-term benefits to our stakeholders.

The Viviani and Cirrano assets are now combined under one ownership, covering a district-scale gold deposit over 53 km long and historical gold production in excess of 8 million ounces. Asante welcomes the opportunity to work with new employees and contractors in Chirano. We look forward to continuing to work with management, staff and stakeholders to grow this property into a significant gold producing district. ”

Canaccord Genuity Corp. and Durose Asset Management Inc. acted as financial advisors to Asante and Bennett Jones LLP acted as legal advisors to Asante in connection with the acquisition of Chirano.

In other news, the company reports that it has issued 250,000 common shares in connection with the purchase of Keyhole’s assets in Ghana pursuant to an agreement entered into on April 13, 2017. Common shares issued are subject to a four-month hold period that expires on November 20, 2022, in accordance with applicable Canadian securities laws.

regarding Chirano gold mine

Chirano is an open pit and underground mining operation located in southwestern Ghana just south of our Viviani gold mine. Chirano he was first explored and developed in 1996 and started production in October 2005. Pavoase Underground Mine. Gold equivalent production in 2021 was 154,668 ounces on a 100% basis (by Kinross Gold Corporation).

About Asante Gold Corporation

Asante is a gold exploration, development and operations company with a portfolio of quality projects in Ghana. Asante now operates the Viviani gold mine, where he is expected to produce 175,000 ounces of gold over the next 12 months. Completed the acquisition of the Chirano Gold Mine, an open pit and underground mining operation located immediately south of the Viviani Gold Mine. And Kubi, located in the rich Viviani and Ashanti gold belts, he is developing a goldmine production. Asante has a team of experienced and skilled mine detectors, builders and operators with extensive experience in Ghana. Asante is listed on the Canadian Stock Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. Asante is also investigating the Keyhole, Fajiacova, and Betenase projects for new discoveries. All of these are adjacent to or adjacent to major gold mines near the center of Ghana’s Golden Triangle. Additional information is available on his website at www.asantegold.com.

For more information, please contact:

Dave Anthony, President and CEO: +233 55 879 3309 (Ghana) or +1 647 382 4215 (Canada), [email protected]
Frederick Attakumah Executive Vice President [email protected]
Valentina Gvozdeva, Manager IR, [email protected]
Kirsti Mattson, Media Relations, [email protected]

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements involve risks, uncertainties and other factors and actual results, performance, prospects and opportunities may differ from such statements, including statements regarding the structure and terms of the Tyranno acquisition. They may differ materially from those expressed or implied by forward-looking statements. Expected synergies, resources, reserves, exploration results, Tirano, Vibiani and Cubi development programs, including future mine development and production start-up timing. Factors that could cause actual results to differ materially from these forward-looking statements include variations in the nature, quality and quantity of mineral deposits that may be discovered and the company obtaining necessary permits. including, but not limited to, inability and consent; or approvals required for planned activities and the inability of the company to raise the required capital or to fully implement its business strategy. Readers should refer to the company’s public records available at SEDAR (www.sedar.com). Although we believe that the assumptions and factors used in making our forward-looking statements are reasonable, we should not place undue reliance on these statements and Applies only in The event will occur in the disclosed time frame or not at all. Except as required by securities laws and Canadian Stock Exchange policy, we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. .

LEI number: 529900F9PV1G9S5YD446. Neither IIROC, nor a stock exchange, nor any other securities Regulators are responsible for the adequacy or accuracy of this release.


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Asante Announces Completion of Acquisition of Tirano Gold Mine in Ghana, Canadian Business Journal

Source link Asante Announces Completion of Acquisition of Tirano Gold Mine in Ghana, Canadian Business Journal

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