Canada-based senior gold mining company Kinross Gold Corporation has sold a total of 36,927,650 common shares of Asante Gold Corporation.
This sale represents approximately 5.2% of Asante’s outstanding shares and accounts for 100% of the common shares previously held by Kinross.
The shares were sold on a private placement basis and fetched C$73.11m. Each share was priced at C$1.98, excluding commission.
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Before the sale, Kinross owned around 5.2% of the outstanding shares and up to 13.2% on a partially diluted basis, factoring in the conversion of all convertible instruments held by it.
Following the sale, Kinross stated that it continues to be a “supportive investor” in Asante, holding convertible instruments that account for approximately 8.4% of the outstanding shares on a partially diluted basis.
Kinross has operations in the US, Brazil, Mauritania, Chile and Canada.
The company’s shares are traded on both the Toronto Stock Exchange and the New York Stock Exchange.
Asante Gold, a Canadian and Ghanaian-listed company, is engaged in gold exploration and development in Ghana.
The company operates the Bibiani and Chirano gold mines and is advancing technical studies at the Kubi Gold Project.
Asante’s mining and exploration projects are located along the Bibiani and Ashanti Gold Belts.
Earlier this month, Kinross Gold 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.
Prior to this sale, Kinross’ stake in Asante Gold was approximately 9.4% of the outstanding shares.
“Kinross sells common shares in Asante Gold for $53m ” was originally created and published by Mining Technology, a GlobalData owned brand.
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