The Minerals Income Investment Fund (MIIF), Africa’s largest gold producer has acquired over 14.4 million ordinary shares in a historic investment deal in Asante Gold Corporation (“Asante”), a Mining Exploration and Development company listed on the Toronto and Frankfurt Stock Exchanges.
Asante purchased the Bibiani Mine from Resolute Mining Ltd in August 2021 and has since placed it on an accelerated development programme to bring the mine into production by the third quarter of 2022. Asante, listed on the Canadian and Frankfurt Stock Exchanges, closed a US$100 million round of private placements on the 25th of February 2022 for which MIIF acquired 20% at CAD$1.75 per common share (the “Offering).
This gives MIIF a total equity position of about 3.5% in Asante as a whole. The company has ambitions of becoming one of Africa’s top producing gold mines.
Source: My Joy Online