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Ascot Announces Closing of C$10.3 Million Private Placement

by ahnationtalk on February 26, 202042 Views

Vancouver, B.C. February 25, 2020 — Ascot Resources Ltd (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce that further to its press release of February 5 2020, it has closed the non-brokered private placement (the “Offering”) of 5,126,250 flow-through shares (the “Flow-Through Shares”) at a price of C$0.98 per Flow-Through Share, and 8,170,588 common shares (the “Common Shares” and together with the Flow-Through Shares, the “Securities”) at a price of C$0.64 for aggregate gross proceeds of C$10.3 Million.

Derek White, President and CEO, commented, “Ascot will use the proceeds from the flow-through shares for the 2020 exploration program at its properties near Stewart, British Columbia. The remaining non-flow-through proceeds will be used for engineering studies, permitting, and general corporate purposes in support of the Company’s efforts towards re-starting the mining operations at the Premier Gold Project.”

The net proceeds from the Offering will be primarily used to fund exploration activities, permitting, engineering and economic studies and for general corporate and working capital purposes. The gross proceeds from the issuance of Flow-Through Shares will be used for “Canadian exploration expenses”, and will qualify as “flow-through mining expenditures” as those terms are defined in the Income Tax Act (Canada), which will be renounced to the initial purchasers of the Flow-Through Shares with an effective date no later than December 31, 2020 in an aggregate amount not less than the gross proceeds raised from the issue of the Flow-Through Shares.

The Securities issued in the Offering are subject to a statutory hold period expiring four months and one day from the closing date of the Offering. In connection with the Offering, the Company paid a cash fee equal to 6.2% of the proceeds from the sale of Common Shares and Flow-through Shares to advisors and finders.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

ON BEHALF OF THE BOARD OF DIRECTORS OF

ASCOT RESOURCES LTD.

“Derek C. White”, President and CEO

For further information contact:

Kristina Howe
VP, Investor Relations
778-725-1060 / khowe@ascotgold.com

NT4

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