Kinross Gold has sold 4.2% of Asante Gold’s outstanding shares for C$46.2m, reducing its stake from 9.4% to around 5.2%. The sale included 29,850,984 common shares at C$1.55 each. Kinross now holds 36,927,650 shares, 5,000,000 warrants, and a convertible debenture in Asante. The company may conduct future transactions depending on market conditions.

Asante Gold president and CEO Dave Anthony expressed gratitude for Kinross’ support and successful monetization of the share block received in 2022. Asante recently secured C$237m through a private placement to advance mining projects. The placement involved selling 163.3 million subscription receipts at C$1.45 each. Kinross’ divestment was part of its routine portfolio management strategy.

Read more at Yahoo Finance: Kinross Gold partially divests shares in Asante Gold