viewAsante Gold Corp.

Asante Gold's CEO buys up nearly a quarter of company stock


Asante Gold's (CVE:ASE) chief executive Douglas MacQuarrie has added to his position in the company once more, now holding some 25% of the junior gold explorer, which is awaiting a key decision that has the potential to move its stock. 

MacQuarrie is clearly confident in the company's prospects, acquiring 680,300 common shares from January 13 to November 18 this year, at prices between 26.5 and 9 cents per share. He now owns a total of 5.15 million shares, 250,000 warrants and 300,000 stock options, which represents about 24.8% of the company, on a partially diluted basis.

The company is less than one month away from some big news in the week of December 16, when a decision on an arbitration is due that will spell the fate of a deal to acquire half of the 2 percent NSR royalty Goknet Mining Company holds on PMI Gold's (TSE:PMV) (TSX:PMV) Obotan gold project in Ghana. 

In late March, Asante said that Goknet, the royalty holder, had not yet received the necessary consent for the deal, and that it had referred the matter to binding arbitration. In November last year, Asante announced it would buy a 1 percent royalty from Goknet for $22.5 million in stock.  

"We're feeling incredibly optimistic that Goknet will win the arbitration, and that we'll be back on track to rolling the royalty into the company," MacQuarrie told Proactiveinvestors in an interview last month.

"It's a super deal that is expected to bring $4 million a year of income to the company."

Based on the Obotan project feasibility study published by PMI Gold, the mine is expected to produce a total of 2.26 million ounces of gold over a 11.5 year open pit mine life starting in the first half of 2015. The gold mineralization is known to extend to depth under the proposed main pit and additional mine life/royalty payments are anticipated.  

Aside from the potential money-making royalty, Asante also holds a 100% interest in the Fahiakoba property -  a 22.07 square km prospecting license located on strike with and between Perseus Mining’s 6.6 million ounce Edikan Mine and AngloGold Ashanti’s 60 million ounce Obuasi Mine. 

Quick facts: Asante Gold Corp.

Price: 0.125 CAD

Market: CSE
Market Cap: $10.82 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Asante Gold Corp. named herein, including the promotion by the Company of Asante Gold Corp. in any Content on the Site, the Company receives...


Asante Gold's Douglas MacQuarrie talks through 'encouraging' Keyhole...

Douglas MacQuarrie, chief executive of Asante Gold Corp ( CVE:ASE, CNSX:ASE,) tells Proactive they've seen some encouraging results from first drilling at the Keyhole option property in the Asankrangwa gold belt in Ghana, which have prompted an expanded exploration program. The work...

on 04/28/2017

2 min read