Asante Gold Closes C$102.26 Million Placement

Vancouver, British Columbia, March 2, 2022 – Asante Gold Corporation (CSE:ASE/ FRANKFURT: 1A9/U.S.OTC: ASGOF)

(“Asante” or the “Company”) is pleased to announce that it has closed the previously announced private placement of common shares of the Company (see press release dated February 16, 2022), to raise C$102,255,850 at a price of $1.75 per share. A total of 58,431,914 shares will be issued pursuant to the placement. 

Included in the subscribers are the Ghana Minerals Income and Investment Fund (“MIIF”) that subscribed for 14,514,286 common shares and Emiral Resources Limited (“Emiral”) that subscribed for an additional 12,249,208 shares, maintaining its cornerstone investment in the Company. 

Funds will be used for initial mine development costs at the Bibiani Mine, and for working capital. Finders fees, totaling C$3.201 million, are payable at a rate of 4% on a portion of the placement. All securities issued will be subject to a four month and one day hold period under Canadian securities legislation. 

“Douglas R. MacQuarrie” 

President & CEO 

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