Norton Rose Fulbright advises Asante Gold Corporation on US$500 million financing package

Global law firm Norton Rose Fulbright has advised Asante Gold Corporation (Asante) on a financing package worth US$500 million in relation to its Bibiani and Chirano mines located in Ghana.

Asante, the gold exploration, development and operating company, plans to use the financing package to bolster its expansion and recapitalise its short-term liabilities. The financing will also be used for general working capital purposes at its high-quality portfolio of operating mines.

The agreed financing package includes a US$150 million Senior Debt Facility, a US$125 million Mezzanine Facility, a US$50 million Gold Stream Agreement and equity subscriptions of approximately US$180 million. Concurrently, Asante successfully restructured approximately US$175 million of deferred consideration associated with the purchase of the Chirano mine. All facilities and agreements include customary financial and debt servicing covenants and upfront and standby fees where applicable.

The multidisciplinary team from Norton Rose Fulbright advised Asante throughout the process. The team was led by partner Martin McCann who was supported by counsel Ann Vesely.

Dave Anthony, Asante CEO, stated:

“We are pleased with the exemplary support provided by the Norton Rose team to achieve successful delivery of our multi-faceted financing package that will enable Asante’s next phase of growth into a leading mid-tier West African gold producer”.

Martin McCann commented:

“We are delighted to support Asante on this innovative financing which supports its growth objectives in Ghana and accelerates development at its Bibiani and Chirano mines”.

Norton Rose Fulbright advises on some of the mining industry’s largest and most innovative mining transactions. The firm is particularly well known for its work in leveraged finance deals for mining developments, including complex syndications.