Asante Gold Announced Strategic Investment in West African Gold Assets

SEATTLE (Scrap Monster): Vancouver, B.C-based Asante Gold Corporation announced that it has entered into a binding agreement in connection with $5 million strategic investment into Roscan Gold Corporation- the leading West African gold explorer. The investment is expected to close by mid-October.

Accordingly, Asante will subscribe for and purchase 22.1 million common shares of Roscan for a total investment of approximately C$6.4 million. The shares to be acquired by Asante are for investment purposes. It will have the option to increase, decrease or dispose its shareholding position. The common shares will be subject to a statutory hold period. Upon closing, Asante would own approximately 6.7% of Roscan’s outstanding common shares, said the company press release.

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Nana Sangmuah, President & CEO, Roscan Gold Corporation said that it is pleased to welcome Asante as a strategic investor in the company. The proceeds of the transaction will be used to fund the company’s ongoing exploration programmes to develop maiden resources, he added.

It must be noted that Roscan owns Kandiole Gold Project in West Mali, which is located in one of the most prolific and productive African gold jurisdictions.