Gold mining company Asante Gold has announced an agreement with Clarus Securities to raise up to $50-million in a “best efforts” private placement at C$1.80 a share.
The offering is expected to close on February 9.
Asante intends to use the net proceeds from the offering for exploration and development of its mining properties in Ghana.
The miner is currently operating the Bibiani and Chirano gold mines, with combined forecast production of about 400 000 oz of gold for 2023.
Asante’s stock fell 9% on Monday to C$1.71 a share.