Mr. Derek White reports

ASCOT RESOURCES ANNOUNCES C$25 MILLION BOUGHT DEAL FINANCING

Ascot Resources Ltd. has entered into an agreement with a syndicate of underwriters led by Desjardins Capital Markets and Stifel GMP, pursuant to which the underwriters have agreed to purchase, on a bought-deal basis, 29,412,000 common shares of the company at a price of 85 cents per share for aggregate gross proceeds to the company of $25.0-million.

The underwriters have been granted an option, exercisable in whole or in part, at any time within 30 days following the closing of the offering, to purchase from the company up to an additional 15 per cent of the shares offered under the offering.

The company will pay the underwriters a cash commission of 5.0 per cent of the gross proceeds of the offering, including any proceeds realized on exercise of the overallotment option, subject to a 1.0-per-cent cash commission being payable on sales to members of the president's list, such president's list to not exceed $1.0-million.

The net proceeds of the offering will be used for the continued development of the company's Premier gold project, including the purchase of long-lead-time equipment, and for general working capital purposes.

The offering is scheduled to close on or about June 17, 2020, and is subject to a number of conditions, including receipt of all necessary securities regulatory approvals and the approval of the Toronto Stock Exchange.

The offering is being made pursuant to a short-form prospectus to be filed in the provinces of British Columbia, Alberta and Ontario and may be offered in the United States to qualified institutional buyers pursuant to exemptions from the registration requirements under Rule 144A of the U.S. Securities Act of 1933, as amended, in a manner that does not require the offering to be registered in the United States. The offering may be also sold in such other jurisdictions as the company and the underwriters may agree.

About Ascot Resources Ltd.

Ascot is a Canada-based exploration and development company focused on restarting 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.

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