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Ascot Resources Ltd
Symbol AOT
Shares Issued 376,351,128
Close 2022-03-07 C$ 1.12
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Ascot Resources closes $64.24-million bought deal

2022-03-08 13:37 ET - News Release

Mr. Derek White reports

ASCOT RESOURCES ANNOUNCES CLOSING OF $64 MILLION BOUGHT DEAL FINANCING

Ascot Resources Ltd. has closed its previously announced bought deal financing, including the full exercise of the overallotment option. The offering consisted of (i) 28,610,000 common shares of the company sold at a price of $1.02 per offered share for aggregate gross proceeds of $29,182,200; (ii) 12,831,000 hard dollar units of the company at a price of $1.02 per HD unit for gross proceeds of $13,087,620; (iii) 14.59 million units of the company that qualify as flow-through shares, as defined in the Income Tax Act (Canada) at a price of $1.255 per CDE FT unit for gross proceeds of $18,310,450; and (iv) 3.24 million common shares of the company that qualify as flow-through shares as defined in the Income Tax Act (Canada) at a price of $1.13 per CEE FT share for gross proceeds of $3,661,200. Each HD unit and CDE FT unit comprises one common share of the company and one-half of one common share purchase warrant, with each warrant entitling the holder to purchase one common share of the company at a price of $1.25 for a period of 24 months subject to acceleration. In aggregate, the gross proceeds to the company totals $64,241,470.

The offering was conducted by a syndicate of 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 chief executive officer, commented: "We are pleased to close the equity financing, including the full exercise of the overallotment 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 Feb. 14, 2022, filed in all the provinces and territories of Canada, other than Quebec. 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.

About Ascot Resources Ltd.

Ascot is a Canadian junior exploration and development company focused on restarting the past-producing Premier gold mine, located in British Columbia's prolific Golden Triangle. Ascot shares trade on the Toronto Stock Exchange 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.

We seek Safe Harbor.

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