Kinross Gold partially divests shares in Asante Gold
Kinross Gold has completed the sale of 29,850,984 common shares of Asante Gold, amounting to roughly 4.2% of Asante’s outstanding shares and around 44.7% of Kinross’s holdings in Asante.
The shares were sold at C$1.55 each, excluding commission, culminating in an aggregate sale price of C$46.2m.
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Prior to the sale, Kinross’ stake in Asante Gold was approximately 9.4% of the outstanding shares, which could increase to as much as 18% on a partially diluted basis if all convertible instruments were converted.
Following the transaction, Kinross’ stake in Asante now includes 36,927,650 shares, 5,000,000 warrants and a convertible debenture.
The debenture can be converted into shares at C$1.81 per share within five years from the date of issuance.
Kinross’ current ownership stands at around 5.2% of Asante’s outstanding shares on a non-diluted basis and 13.2% on a partially diluted basis, considering the potential conversion of the convertible securities.
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By GlobalDataThe sale was conducted as part of Kinross’ ordinary course of managing its investment portfolio.
Kinross has stated that future transactions involving Asante’s securities may occur depending on various factors including market conditions, but it currently has no specific plans or intentions regarding its investment in Asante.
Asante president and CEO Dave Anthony said: “This block of shares was issued to Kinross as partial consideration when the company purchased the Chirano Mine from Kinross in 2022.
“Kinross has been and remains a very supportive partner to Asante and we are pleased that Kinross has been able to monetise this component of the original share consideration at an increase to the original value.”
In August, Asante secured C$237m through a private placement, part of a larger $500m financing package aimed at advancing the company’s mining projects.
The private placement involved selling 163.3 million subscription receipts at C$1.45 each, with the funds being released to Asante after meeting escrow conditions.
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