Asante Gold announced on Tuesday, December 16, a share placement aimed at raising at least 156 million Canadian dollars ($113 million) to support its Bibiani and Chirano gold mines in Ghana.
The offering was launched on the Toronto TSX Venture Exchange and is part of a series of fundraising initiatives the company has undertaken in recent months to fund a growth plan targeting annual gold production of 500,000 ounces by 2028, Ecofin Agency reported.
For this transaction, Asante partnered with BMO Capital Markets, which acts as lead underwriter and sole bookrunner. Investors may subscribe to up to 97.5 million common shares at C$1.60 per share.
Additionally, subscribers have the option to purchase up to 14.625 million more common shares at the same price, potentially generating an extra C$23.4 million in gross proceeds.
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Prior to this placement, Asante completed a funding structure in August 2025 designed to raise up to $470 million for its growth plan.
The company also raised C$236 million in July 2025 from investors on the Canadian Securities Exchange through a separate share placement.
The funds are intended to optimize operations at its two Ghanaian mines.
Asante has already commissioned a sulphide processing plant at Bibiani and advanced underground development at selected deposits at Chirano.
Asante also plans to list on the Australian Securities Exchange in 2026 to further support its expansion strategy.
While the company has not disclosed the exact allocation of funds to its growth plan, operational improvements have already shown visible results.
In 2026, Asante expects Bibiani to produce between 215,000 and 245,000 ounces of gold, while Chirano is projected to deliver between 150,000 and 175,000 ounces.
By comparison, during the nine months ended October 31, 2025, Bibiani produced 37,220 ounces and Chirano produced 80,239 ounces.
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Image Credit: Asante Gold Corporation
