Asante Gold has announced that it has received a “significant investor interest” in a private placement of common shares to raise up to $100-million at C$1.75 a share.

Emiral Resources, which currently holds 19.6% of the company’s outstanding common shares, has indicated that it intends to participate in the offering at a level sufficient to maintain its current percentage shareholding.

Funds will be used for working capital, including the payment of the second $30-million payment to Resolute Mining for the Bibiani mine acquisition, initial mine development costs at the Bibiani mine, and for other potential opportunities.

Bibiani is a historically significant Ghanaian gold mine situated in the western region of the country. Bibiani has previous gold production of nearly five-million ounces, and is fully permitted with available mining and processing infrastructure on-site consisting of a three-million-ton-a-day mill and processing plant and existing surface and underground mining infrastructure.