Asante Gold (CNSX:ASE) has closed off subscriptions to the non-brokered private placement previously announced on September 4th of last year.
The company will issue 650,000 units at a price of 15 cents per unit, raising gross proceeds of C$97,500. All units have been acquired by directors, officers and insiders of the company.
Each unit comprises one common share and half of a transferable common share purchase warrant. Each full warrant will be exercisable into one common share of the company at a price of 30 cents for a period of two years with a provision that, should the shares trade on the Canadian Stock Exchange at 35 cents or higher for 20 consecutive trading days, the warrant holder would have 30 days to exercise the warrant or they would expire.
The shares and warrants to be issued are subject to a four-month hold period.
Proceeds from the placement will be used for general working capital purposes, Asante said.
