Asante Gold Corporation (CNSX:ASE) agreed to acquire Bibiani Gold Mine in Ghana from Resolute Mining Limited (ASX:RSG) for $90 million on August 5, 2021. The consideration will be paid in tranches. $30 million will be paid as initial payment, another $30 million to be paid on or before 6 months from completion and rest $30 million to be paid on or before 12 months from completion.

To fund the initial payment, start up and working capital, Asante has accepted Subscription Receipts from accredited investors for CAD 80,000,000, ($100.38 Million) which on completion will convert to 118,857,143 Asante common shares at CAD 0.70 per share. The agreement has received Ministerial Consent, having been approved by the Ghanaian Honourable Minister of Lands and Natural Resources, with completion expected 10 days after the date of this announcement (subject only to no material adverse change over this period). As of September 10, 2021 Resolute Mining Limited repaid the debt $30 million from the fiirst instalment of proceeds received on the sale of the Bibiani Gold Mine and brings Resolute's total voluntary repayments in 2021 to $50 million, strengthening the balance sheet and reducing borrowing costs.

Treadstone Resource Partners Pty Ltd acted as the financial advisor and Thomson Geer acted as the legal advisor to Resolute Mining.