Emiral Resources Limited Early Warning Report News Release Issued Pursuant to NI 62-103 Acquisition of Subscription Receipts of Asante Gold Corporation

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[{"type":"text","content":"Emiral Resources Limited Early Warning Report News Release Issued Pursuant to NI 62-103 Acquisition of Subscription Receipts of Asante Gold CorporationDubai, United Arab Emirates--(Newsfile Corp. - August 17, 2021) - This news release is being disseminated by Emiral Resources Limited (the \"Acquiror\") pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (\"NI 62-103\") in connection with the acquisition of securities of Asante Gold Corporation (CSE: ASE) (\"Asante\"), a British Columbia corporation with its head office at 595 Howe Street, Suite 506 Vancouver, British Columbia.In connection with a private placement (the \"Offering\") of subscription receipts (\"Subscription Receipts\") by Asante, the Acquiror subscribed for 34,825,000 Subscription Receipts pursuant to a subscription agreement dated as of August 2, 2021, as amended as of August 16, 2021, at a subscription price of C$1.00 per Subscription Receipt, for total cash consideration of C$34,825,000. Upon satisfaction of certain release conditions, the Subscription Receipts will automatically convert into common shares of Asante at an implied subscription price of C$0.70 per common share in the capital of Asante. The Subscription Receipts were acquired from Asante on a private placement basis. The Acquiror did not act jointly with any other party in acquiring the Subscription Receipts.Prior to the completion of the Offering, the Acquiror held no securities of Asante. Immediately following the Offering, the Acquiror acquired 34,825,000 Subscription Receipts which, upon satisfaction of the release conditions, will automatically convert into 49,750,000 common shares of Asante, representing approximately 19.9 % of Asante's common shares currently issued and outstanding on an undiluted basis (assuming that all Subscription Receipts were issued under the Offering and converted into common shares of Asante). The Subscription Receipts were acquired and are presently held for investment purposes only and not for the purpose of exercising control or direction over Asante. The Acquiror may, from time to time, evaluate its investment in Asante and increase or decrease its ownership, control or direction of common shares or other securities of Asante, through market transactions, private agreements or otherwise.The deta...

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