Fujairah Holding which owns 11.43 percent of the outstanding shares of Asante Gold Corporation announces a non-binding interest in acquiring all of the Company’s issued and outstanding common shares not held by Fujairah.
Based on publicly disclosed information from the Company, Fujairah is proposing an indicative price for all of the issued and outstanding Asante shares for cash consideration of CAD $2.20 per share (the “Consideration”).
The Consideration represents a 42 percent premium to Asante’s closing price of CAD $1.55 on April 6, 2023, the date of our original conditional proposal to the Company. Fujairah’s proposal is subject to due diligence and confirms its advisors have already completed some preliminary due diligence based on public information available.
Fujairah hopes to conclude the due diligence exercise within two (2) weeks from receiving access to undisclosed information from the Company on legal/regulatory, finance, tax and technical issues. Fujairah has requested for an exclusivity period of two (2) weeks from the Company to allow it make a firm and binding proposal to all shareholders, upon the completion of a satisfactory due diligence. In addition to the potential acquisition of the outstanding shares of Asante, Fujairah has expressed its intent to work with the Company to explore alternative financing to address its immediate financing needs.
Fujairah is a global investment firm that manages a diversified investment portfolio dedicated to generating steady returns and prudently growing capital through a disciplined investment process. Fujairah Holdings is based in Al Hilal City, Emirate of Fujairah. Fujairah holding currently has an investment of US$12 Billion across various sectors and is focusing to increase to US$15 Billion by 2024. It has interests in Oil & Gas, Hospitality, Education, Logistics, Manufacturing and Mining.
