09:02 AM EDT, 08/25/2025 (MT Newswires) -- Asante Gold ( ASGOF ) said Monday that it completed its US$500 million financing package as it received proceeds from a US$125 million second utilization under its US$150 million senior debt facility.

Asante previously completed the US$5 million first utilization under the senior debt facility on Aug. 14.

The company also announced the full availability of the revolving credit facility worth US$20 million under the senior debt facility.

Asante will use the proceeds to advance the Bibiani and Chirano mines in Ghana, and as for cash payment to Kinross (K.TO). In August 2022, Asante acquired the Chirano mine from Kinross.

"Closing this financing is transformative for Asante," said Dave Anthony, President and CEO. "With $500 million in capital secured, we are well-positioned to execute on our growth plans for Bibiani and Chirano, targeting annual gold production over 500,000 ounces by 2028 at significantly lower all-in sustaining costs."

Asante will also use the funds to retire short-term liabilities and for general working capital purposes.