Kinross sells stake in Asante Gold for C$73m
Canadian miner Kinross Gold said on Tuesday that it had sold its entire common shareholding in Asante Gold for C$73.1-million.
Kinross disposed of 36 927 650 shares, representing about 5.2% of Asante’s outstanding stock, at C$1.98 a share in a private placement.
Prior to the transaction, Kinross held about 5.2% of Asante’s outstanding shares, and up to 13.2% on a partially diluted basis. Following the sale, the company said it remained an investor in Asante through convertible instruments that represent about 8.4% of outstanding shares on a partially diluted basis.
“The shares were sold on a private placement basis, subject to a hold period under applicable Canadian securities laws until December 13, 2025. Kinross sold the shares in the ordinary course of investments in portfolio companies,” the company said.
Kinross added it may buy or sell Asante securities in the future depending on market conditions, industry trends, and the company’s performance, but currently has “no other plans or intentions that relate to its investment in Asante".
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