Ascot Resources Ltd. (
TSX: AOT; OTCQX:
AOTVF) (“
Ascot” or the
“
Company”) is pleased to announce that it has
closed its previously announced bought deal financing (the
“
Offering”), including the full exercise of the
over-allotment option. The Offering consisted of (i) 28,610,000
common shares of the Company (the “
Offered
Shares”) sold at a price of C$1.02 per Offered Share for
aggregate gross proceeds of C$29,182,200; (ii) 12,831,000 hard
dollar units of the Company (the “
HD Units”) at a
price of C$1.02 per HD Unit for gross proceeds of C$13,087,620;
(iii) 14,590,000 units of the Company that qualify as “flow through
shares”, as defined in the Income Tax Act (Canada) (the
“
CDE FT Units”) at a price of C$1.255 per CDE FT
Unit for gross proceeds of C$18,310,450; and (iv) 3,240,000 common
shares of the Company that qualify as “flow-through shares” (the
“
CEE FT Shares”, and together with the Offered
Shares, HD Units and CDE FT Units, the “
Offered
Securities”) as defined in the Income Tax Act (Canada) at
a price of C$1.13 per CEE FT Share for gross proceeds of
C$3,661,200. Each HD Unit and CDE FT Unit is comprised of one
common share of the Company and one half of one common share
purchase warrant (each whole common share purchase warrant, a
“
Warrant”) with each Warrant entitling the holder
to purchase one common share of the Company at a price of C$1.25
for a period of 24 months subject to acceleration. In aggregate,
the gross proceeds to the Company totals C$64,241,470.
The Offering was conducted by a syndicate of
underwriters (the “Underwriters”) co-led by
Desjardins Capital Markets and BMO Capital Markets and including
Stifel GMP, Raymond James, CIBC World Markets, Sprott Capital
Partners, and Agentis Capital.
Derek White, President and CEO, commented, “We
are pleased to close the equity financing including the full
exercise of the over-allotment option, which was made possible by
strong support from existing and new institutional shareholders.
The proceeds will be used to fund construction of the Premier Gold
Project, our 2022 exploration drilling program, and for general
working capital purposes. We are excited to advance PGP into
full-scale construction and underground development shortly and are
eager to become Canada’s newest gold producer starting in Q1 of
2023.”
The Offered Shares were offered pursuant to a
prospectus supplement dated February 14, 2022, filed in all the
provinces and territories of Canada, other than Quebec (the
“Prospectus”). The HD Units, CDE FT Units and CEE
FT Shares were offered by way of private placement pursuant to
applicable prospectus exemptions and are subject to a four-month
hold period in Canada. A copy of the Prospectus is available under
the Company's profile on SEDAR at www.sedar.com.
This news release shall not constitute an offer
to sell or the solicitation of an offer to buy the securities, nor
shall there be any sale of the securities, in any jurisdiction in
which such offer, solicitation or sale would be unlawful. The
securities have not been and will not be registered under the U.S.
Securities Act, and may not be offered or sold in the United States
absent registration or an applicable exemption from the
registration requirement.
For further information
contact:
David Stewart, P.Eng.VP, Corporate Development & Shareholder
Communicationsdstewart@ascotgold.com778-725-1060 ext. 1024
About Ascot Resources Ltd.
Ascot is a Canadian junior exploration and
development company focused on re-starting the past producing
Premier gold mine, located in British Columbia’s prolific Golden
Triangle. Ascot shares trade on the TSX under the ticker AOT.
Concurrent with progressing the development of Premier, the Company
continues to successfully explore its properties for additional
high-grade underground resources. Ascot is committed to the safe
and responsible development of Premier in collaboration with
Nisga’a Nation as outlined in the Benefits Agreement.
For more information about the Company, please
refer to the Company’s profile on SEDAR at www.sedar.com or visit
the Company’s web site at www.ascotgold.com, or for a virtual tour
visit www.vrify.com under Ascot Resources.
The TSX has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding
Forward-Looking Information
All statements and other information contained
in this press release about anticipated future events may
constitute forward-looking information under Canadian securities
laws ("forward-looking statements"). Forward-looking statements are
often, but not always, identified by the use of words such as
"seek", "anticipate", "believe", "plan", "estimate", "expect" and
"intend" and statements that an event or result "may", "will",
"should", "could" or "might" occur or be achieved and other similar
expressions. All statements, other than statements of historical
fact, included herein are forward-looking statements, including
statements in respect of the use of proceeds of the Offering, the
advancement and development of the Premier gold mine and the timing
related thereto, the exploration of the Company’s properties and
other matters. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking statements, including risks associated with the
business of Ascot; risks related to exploration and potential
development of Ascot's projects; business and economic conditions
in the mining industry generally; fluctuations in commodity prices
and currency exchange rates; uncertainties relating to
interpretation of drill results and the geology, continuity and
grade of mineral deposits; the need for cooperation of government
agencies and indigenous groups in the exploration and development
of properties and the issuance of required permits; the need to
obtain additional financing to develop properties and uncertainty
as to the availability and terms of future financing; the
possibility of delay in exploration or development programs and
uncertainty of meeting anticipated program milestones; uncertainty
as to timely availability of permits and other governmental
approvals; risks associated with COVID-19 including adverse impacts
on the world economy, construction timing and the availability of
personnel; and other risk factors as detailed from time to time in
Ascot's filings with Canadian securities regulators, available on
Ascot's profile on SEDAR at www.sedar.com including the Annual
Information Form of the Company dated March 26, 2021 in the section
entitled "Risk Factors". Forward-looking statements are based on
assumptions made with regard to: the estimated costs associated
with construction of the Project; the timing of the anticipated
start of production at the Project; the ability to maintain
throughput and production levels at the Premier Mill; the tax rate
applicable to the Company; future commodity prices; the grade of
Resources and Reserves; the ability of the Company to convert
inferred resources to other categories; the ability of the Company
to reduce mining dilution; the ability to reduce capital costs; and
exploration plans. Forward-looking statements are based on
estimates and opinions of management at the date the statements are
made. Although Ascot believes that the expectations reflected in
such forward-looking statements and/or information are reasonable,
undue reliance should not be placed on forward-looking statements
since Ascot can give no assurance that such expectations will prove
to be correct. Ascot does not undertake any obligation to update
forward-looking statements. The forward-looking information
contained in this news release is expressly qualified by this
cautionary statement.
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