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Asante Gold said on Wednesday it is expected to raise $525 million in two stages to fund its growth plans in Ghana, where it operates the Bibiani and Chirano gold mines and advancing the Kubi gold project., plus an approximate $100 million refinancing with Kinross Gold , a $75 million bond funded by Ghanaian investors and a $50 million syndicated gold stream facility.
The second stage will include a $150 million senior debt facility, to be arranged by FirstRand Bank, and a $50 million standby equity commitment from an unnamed strategic investor, for a total of $200 million. The company’s plan is to organically grow its gold production through improvements at Bibiani and Chirano, tapping into the approximate 6.6 million oz. in gold resources held across the two mines.As announced early September, the company plans to issue approximately 90.7 million of its Canadian-listed common shares at C$1.50 per share via a three-tranche private placement. The first tranche totalling $25 million closed this week.
The $75 million bond is envisaged to have a maturity of six years, with quarterly payment of interest in cash during the entire term of the loan and amortization of principal during the final year. The bond will be denominated in Ghana cedis, with the principal balance indexed to the US dollar exchange rate post-closing.
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