Ashanti Out of Trouble

Ashanti Goldfields Company Limited (Ashanti), an African-based international gold mining and exploration group with six producing mines in three African countries, Ghana, Guinea and Zimbabwe, announced on February 22, 2000, that it had secured agreements in connection with its financial restructuring and refinancing. The principal agreements include: the renewal, under new terms, of its existing US$270 million Revolving Credit Facility; a US$100 million debt facility arranged by Barclays Capital and syndicated amongst the existing Revolving Credit lenders to complete Ashanti’s Geita Project in Tanzania; and an amendment to the agreement with its hedge counterparties under which the conditions to continue to permit margin-free trading for three years have been satisfied or waived.

Stikeman Elliott is acting as Canadian counsel to Ashanti. The Stikeman Elliott team is composed of Mihkel Voore (corporate), Peter Hamilton (banking) and Karen Green (corporate) of the Toronto office. Borden Ladner Gervais LLP is Canadian Counsel to the Revolving Credit lenders. Joanne Poljanowski and Stephen Redican are leading the Borden team.