Asante Gold Closes First Tranche of Private Placement

Asante Gold Corporation (CSE:ASE) announces that it has closed the initial tranche of the $1 million exploration and working capital private placement (“Private Placement”) announced on September 20, 2016. The placement was temporarily suspended for the dissemination of material news with respect to the joint venture of our Kubi Gold Project, which was published on October 17, 2016 (https://www.asantegold.com/news/asante-enters-ccad19-5m-joint-venture-and-private-placement-kubi-gold-project-ghana).
A total of 2,125,311 units were subscribed by 14 placees with gross proceeds of $382,556. Finders fees of $17,670 and 98,167 agents warrants were payable to third parties with respect to the placement.
Proceeds from the private placement will be used for general working capital, including drilling and other work programs on the Company’s Keyhole, Betenase, Fahiakoba and Kubi projects in Ghana. Finder’s fees may be payable on a portion of the offering. All securities purchased under this offering will be subject to a four month and one day hold period.
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