Asante Provides Update on Discussions With Fujairah Holding LLC in Connection With Non-Binding Expression of Interest

VANCOUVER, British Columbia, May 24, 2023 (GLOBE NEWSWIRE) -- Asante Gold Corporation (CSE:ASE | GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the “Company”) provides the following update regarding the previously disclosed, unsolicited, non-binding expression of interest from Fujairah Holding LLC (“Fujairah”) to acquire all of the Company's issued and outstanding common shares not held by Fujairah (the "Non-Binding Expression of Interest").

Fujairah requested a 30 day extension to its exclusivity agreement with Asante, which has been in effect from May 8. Fujairah has advised that its technical due diligence process has been delayed due to inability of their consultants to conduct their site visit and complete this part of its due diligence process.

While the Board welcomes the Fujairah offer, there are other financial opportunities of interest and Asante believes that another extension is not in the best interests of the Company. Asante will continue discussions related to other financial opportunities, while supporting the Fujairah due diligence process. Should a formal offer from Fujairah materialize, the Board would welcome this.

The Board is committed to maximizing value for all shareholders and recognizes the offer price of C$2.20 per share is very low. It believes that granting further exclusivity to any one party for an extended period is not in the best interests of the process.

On May 16, 2023, Asante announced that it had extended Fujairah’s exclusivity until 5:00 p.m. (Toronto time) on May 19, 2023 to provide additional time for Fujairah to complete its due diligence review. Although the Company has declined to extend Fujairah's exclusivity it continues to work with Fujairah to support completion of its due diligence review in connection with the Non-Binding Expression of Interest and a potential financing transaction.

The Company cautions that what it has received to date is a non-binding proposal to transact. There are no binding terms and there can be no certainty that any binding terms will be proposed or agreed, or that discussions in relation to such proposal will continue or result in a transaction. The Company cautions that shareholders should take no steps in relations to the Non-Binding Expression of Interest. The Company also re-confirms that it has no indication as to Fujairah’s intentions to submit any additional binding or non-binding proposal with respect to the acquisition of the Company’s common shares not held by Fujairah or any potential financing to be provided by Fujairah. Any such proposals, if received, would be reviewed by the Company, in consultation with the Company's financial and legal advisors. The Company does not undertake any obligation to provide any updates with respect to the Non-Binding Expression of Interest or any other proposals, except as required under applicable law.