An anonymous director reports
ASCOT ANNOUNCES PRIVATE PLACEMENT FINANCING
Ascot Resources Ltd. has entered into an agreement with Sprott Capital Partners and Primary Capital Inc., in connection with a marketed private placement to raise gross proceeds of $5,000,440.The offering will consist of 3,356,000 common shares of the company that will qualify as flow-through shares at a price of $1.49 per flow-through share.
In consideration for their services, the company has agreed to pay the agents a cash commission equal to 6 per cent of the gross proceeds raised in the offering.
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 under the Income Tax Act (Canada), which will be renounced to the subscribers with an effective date no later than Dec. 31, 2018, to the initial purchasers of flow-through shares 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 will be subject to a hold period expiring four months and one day from the closing date of the offering.
The offering is expected to close on or about March 22, 2018, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.
About Ascot Resources Ltd.
Ascot Resources is a focused gold and silver explorer with a portfolio of advanced and grassroots projects in the Golden Triangle region of British Columbia. The company's flagship Premier project is a near-term high-grade advanced exploration project with large upside potential. With an experienced and highly regarded major shareholder, coupled with an experienced and successful exploration team, Ascot is poised to be the next Golden Triangle producer.
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