Asante Gold on Wednesday, announced that it has closed the previously announced private placement of common shares of the Company to raise C$102,255,850 at a price of $1.75 per share. A total of 58,431,914 shares will be issued pursuant to the placement.

Included in the subscribers are the Ghana Minerals Income and Investment Fund (“MIIF”) that subscribed for 14,514,286 common shares and Emiral Resources Limited (“Emiral”) that subscribed for an additional 12,249,208 shares, maintaining its cornerstone investment in the Company.

”Funds will be used for initial mine development costs at the Bibiani Mine, and for working capital. Finders fees, totaling C$3.201 million, are payable at a rate of 4% on a portion of the placement. All securities issued will be subject to a four month and one day hold period under Canadian securities legislation” President & CEO, Douglas R. MacQuarrie said.

About Asante Gold Corporation
Asante is a pure gold exploration and development company with a high-quality portfolio of projects in Ghana, Africa’s largest gold producer. Asante is focused on developing high margin gold projects including the Bibiani and Kubi Gold mines located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders, and operators. Asante is listed on the Canadian Securities Exchange and Frankfurt Stock Exchange and has announced plans to co-list its shares in Ghana. Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the center of Ghana’s Golden Triangle.