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Asante Gold ( (TSE:ASE) ) just unveiled an announcement.
Asante Gold has closed a C$179.4 million bought deal private placement, issuing 112.1 million common shares at C$1.60 each, with net proceeds earmarked primarily for development and growth expenditures at its Bibiani and Chirano mines as well as general working capital. The company has also activated a US$30 million accordion feature under its senior term loan facility, increasing total lender commitments to US$150 million, and expects to complete an additional C$13.8 million non-brokered placement to its executive chairman, moves that collectively strengthen its balance sheet and provide substantial funding to advance its Ghanaian operations, subject to final TSX Venture Exchange acceptance and customary securities law restrictions.
The most recent analyst rating on (TSE:ASE) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Asante Gold stock, see the TSE:ASE Stock Forecast page.
Spark’s Take on TSE:ASE Stock
According to Spark, TipRanks’ AI Analyst, TSE:ASE is a Neutral.
The score is weighed down primarily by very weak TTM profitability, sharply higher leverage, and a swing to negative operating/free cash flow, which together raise sustainability and financing risk. Technicals also show a weak price trend and bearish momentum, though oversold indicators suggest a potential near-term bounce. Valuation is not supportive given the negative P/E and lack of dividend yield data.
To see Spark’s full report on TSE:ASE stock, click here.
More about Asante Gold
Asante Gold Corporation is a Canada-based gold mining company listed on the TSX Venture Exchange, the Ghana Stock Exchange and the OTCQX market. The company focuses on the development and operation of gold mines in Ghana, including its key Bibiani and Chirano assets, positioning it within West Africa’s established gold-producing corridor.
Average Trading Volume: 708,751
Technical Sentiment Signal: Buy
Current Market Cap: C$1.31B
Learn more about ASE stock on TipRanks’ Stock Analysis page.