Kinross Gold Corporation has announced the sale of 29,850,984 common shares of Asante Gold Corporation , raising gross proceeds of approximately C$46.3 million.
The shares were sold at C$1.55 each, excluding commissions, and represent about 4.2% of Asante’s outstanding shares and 44.7% of Kinross’ prior holding.
Before the transaction, Kinross owned roughly 9.4% of Asante’s outstanding shares and up to 18% on a partially diluted basis, assuming the conversion of all instruments. Following the sale, Kinross’ position is reduced to 36,927,650 common shares, representing 5.2% of Asante’s outstanding stock.
Kinross also retains five million share purchase warrants and a convertible debenture that can be exchanged for shares at C$1.81 apiece over the next five years. With these instruments included, Kinross’ ownership stands at about 13.2% on a partially diluted basis.
The Canadian gold miner said the sale was conducted “in the ordinary course of investments in portfolio companies,” adding that it may buy or sell additional Asante securities in the future depending on market conditions, industry developments, and the performance of Asante.
Kin by Fred Dzakpata
