Asante Gold Announces C$206 Million Bought Deal Private Placement of Subscription Receipts
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VANCOUVER, British Columbia, June 19, 2025 (GLOBE NEWSWIRE) -- Asante Gold Corporation (CSE:ASE, GSE: ASG, FRANKFURT: 1A9, OTC:ASGOF) ("Asante" or the "Company") is pleased to announce today that, further to its news release dated June 17, 2025 announcing the terms of a proposed US$470 million comprehensive financing package (the "Financing Package"), it has entered into an agreement with BMO Capital Markets ("BMO"), pursuant to which BMO has agreed to act as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters also including Clarus Securities Inc. as co-lead and Jett Capital Advisors as co-manager (together with BMO, the "Underwriters"), in connection with a bought deal private placement of an aggregate of 142,000,000 subscription receipts of the Company (the "Subscription Receipts") at a price of C$1.45 per Subscription Receipt (the "Offering Price") for aggregate gross proceeds of C$205,900,000 million (the "Offering"). Each Subscription Receipt will entitle the holder thereof to receive, upon the satisfaction of the Escrow Release Condition (as defined below), without any further action on the part of such holder and without payment of any additional consideration therefor, one common share of the Company (the "Subscription Receipt Shares").
In addition, the Company has also granted the Underwriters an option, exercisable in whole or in part up to 48 hours prior to the closing date of the Offering (the "Closing Date"), to purchase up to an additional 21,300,000 Subscription Receipts at the Offering Price for additional gross proceeds of up to C$30,885,000.
The gross proceeds of the Offering, less 50% of the fee payable to the Underwriters (the "Underwriters' Fee") and any expenses of the Underwriters payable at closing of the Offering (such expenses and portion of the Underwriters' Fees being the "Non-Escrowed Funds"), will be placed into escrow with Computershare Trust Company of Canada (the "Escrow Agent") in accordance with the terms and conditions of a subscription receipt agreement to be entered into between the Company, BMO and the Escrow Agent (the "Subscription Receipt Agreement"). The gross proceeds of the Offering (less the Non-Escrowed Funds) together with all interest earned thereon (collectively, the "Escrowed Funds") will be held by Escrow Agent until the earlier of (i) December 31, 2025, (ii) the date the Company advises BMO or announces to the public that it does not intend to satisfy the Escrow Release Condition (each of (i) and (ii) being a "Termination Event"), and (iii) the date all of the conditions to first draw down under the definitive agreements (being a facility agreement in respect of Senior Debt, a mezzanine facility agreement in respect of Subordinated Debt and/or a gold purchase and sale agreement in respect of a Gold Stream (each as defined in the news release of the Company dated June 17, 2025) comprising a financing package for aggregate gross proceeds of at least US$275,000,000, other than release of the Escrowed Funds and such other conditions that by their nature may only be satisfied at the time of the first draw down under such definitive agreements, are satisfied (without amendment or waiver ...
