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Asante Announces Receipt of Net Proceeds From C$237M Equity Offering, Completion of Kinross Restructuring

VANCOUVER, British Columbia, Aug. 12, 2025 (GLOBE NEWSWIRE) -- Asante Gold Corporation (CSE:ASE, GSE: ASG, FRANKFURT:1A9, OTCQX:ASGOF) ("Asante" or the "Company") is pleased to announce that, further to its news release dated August 11, 2025 announcing the execution of definitive agreements relating to an approximately $500 million financing package (the "Financing Package"), the Company has satisfied the conditions to first draw down under such definitive agreements, resulting in the satisfaction by the Company of the escrow release conditions relating to the bought deal private placement of 163,300,000 subscription receipts of the Company (the "Subscription Receipts") at a price of C$1.45 per Subscription Receipt for aggregate gross proceeds of approximately C$237 million ("M") which was completed on July 7, 2025 (the "Offering"). All amounts are in U.S. dollars unless otherwise indicated.

In connection with the satisfaction of the escrow release conditions, the proceeds of the Offering and accrued interest thereon, net of the commission and expenses payable to the underwriters of the Offering, have been released to the Company by the subscription receipt agent and each Subscription Receipt automatically converted into one common share of the Company (each, a "Common Share").

The Common Shares issued upon conversion of the Subscription Receipts remain subject to a statutory four month hold period pursuant to applicable Canadian securities laws which will expire on November 8, 2025.

In accordance with the terms of the definitive agreement (the "Kinross Agreement") entered into with Kinross Gold Corporation ("Kinross"), as announced August 11, 2025, the Company has restructured certain obligations owing to Kinross by (i) paying to Kinross an aggregate of $53M in cash; (ii) issuing to Kinross an aggregate of 36,927,650 Common Shares at a deemed issue price of C$1.45 per Common Share, and (iii) issuing to Kinross a secured convertible debenture in a principal amount of approximately $80M (the "Convertible Debenture"). In connection with the foregoing, Kinross has also relinquished its existing security interest in the downstream entities that own the Chirano Mine in favour of a security ...