Ascot Announces Closing of C$3.8 Million Non-Brokered Flow-Through Financing
07 Juni 2021 - 10:30PM
Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the
“Company”) is pleased to announce that further to its press release
of May 17, 2021, it has closed the non-brokered private placement
(the “Offering”) of 2,651,796 flow-through shares (the
“Flow-Through Shares”) at an average price of C$1.43 per
Flow-Through Share for gross proceeds of C$3.8 Million.
The proceeds from the Offering will be used to
fund the Company’s exploration activities this year. 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, 2021 in an aggregate amount not less than the gross
proceeds raised from the issue of the Flow-Through Shares.
The Flow-Through Shares issued in the Offering
are subject to a statutory hold period expiring four months and one
day from the closing date of the Offering.
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:David Stewart,
P.Eng.VP, Corporate Development & Shareholder
Communicationsdstewart@ascotgold.com+1 (647) 294-8361
About Ascot Resources Ltd.
Ascot is a Canadian-based exploration and
development company focused on re-starting the past producing
historic Premier gold mine, located in British Columbia's Golden
Triangle. The Company continues to define high-grade resources for
underground mining with the near-term goal of converting the
underground resources into reserves, while continuing to explore
nearby targets on its Premier/Dilworth and Silver Coin properties
(collectively referred to as the Premier Gold Project). Ascot's
acquisition of IDM Mining added the high-grade gold and silver Red
Mountain Project to its portfolio and positions the Company as a
leading consolidator of high-quality assets in the Golden
Triangle.
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, trend analysis and other
information contained in this press release about anticipated
future events or results constitute 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. 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 the Ascot can give no assurance that such
expectations will prove to be correct. 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 the
risks, uncertainties and other factors identified in the Ascot’s
periodic filings with Canadian securities regulators, and
assumptions made with regard to: the estimated costs associated
with construction of the Premier Gold Project; the timing of the
anticipated start of production at the Projects; 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. Forward-looking statements are subject to business and
economic risks and uncertainties and other factors that could cause
actual results of operations to differ materially from those
contained in the forward-looking statements. Important factors that
could cause actual results to differ materially from Ascot’s
expectations include 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 and additional risks identified in
Ascot’s filings with Canadian securities regulators on SEDAR in
Canada (available at www.sedar.com). The timing of future economic
studies; labour disputes and other risks of the mining industry;
delays in obtaining governmental approvals, financing or in the
completion of the Premier Gold Project as well as those factors
discussed in the Annual Information Form of the Company dated March
26, 2021 in the section entitled "Risk Factors", under Ascot’s
SEDAR profile at www.sedar.com. Forward-looking statements are
based on estimates and opinions of management at the date the
statements are made. Ascot does not undertake any obligation to
update forward-looking statements.
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