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Asante Gold closes $382,556 first tranche of financing

Friday, October 21, 2016 14:03
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Asante Gold Corp. (CNSX:ASE) has closed the initial tranche of the $1mln exploration and working capital private placement announced on Sept. 20, the company said Friday.

The placement was temporarily suspended for the dissemination of material news with respect to the joint venture of the company’s Kubi gold project, which was published on Oct. 17.

A total of 2,125,311 units were subscribed by 14 placees, with gross proceeds of $382,556. Finders’ fees of $17,670 and 98,167 agents’ warrants were payable to third parties with respect to the placement.

The company plans to continue with the second tranche of the private placement and to accept subscriptions for up to an additional 3,430,244 units at 18 cents per unit for additional gross proceeds of up to $617,444.

Each unit will consist of one common share of the company and one-half of a transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at an exercise price of 25 cents for 24 months from the second closing date of the private placement. In the event that the private placement is oversubscribed, the company may increase the placement by up to 25 per cent.

Proceeds from the private placement will be used for general working capital, including drilling and other work programs on the company’s Keyhole, Betenase, Fahiakoba and Kubi projects in Ghana. Finders’ fees may be payable on a portion of the offering. All securities purchased under this offering will be subject to a four-month-and-one-day hold period.

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