Business
Ascot Resources Announces C$25 Million Bought Deal Financing
VANCOUVER, British Columbia, May 27, 2020 (GLOBE NEWSWIRE) -- Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce th
About this update from Cambria Gold Mines Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, May 27, 2020 (GLOBE NEWSWIRE) -- Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce that it has entered into an agreement with a syndicate of underwriters (the “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 (“Shares”) at a price of C$0.85 per Share for aggregate gross proceeds to the Company of C$25.0 million (the “Offering”). The Underwriters have been granted an option (the “Over‐Allotment 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% of the Shares offered under the Offering. The Company will pay the Underwriters a cash commission of 5.0% of the gross proceeds of the Offering, including any proceeds realized on exercise of the Over-Allotment Option, subject to a 1.0% cash commission being payable on sales to members of the president’s list (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 (“TSX”). 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 United States Securities Act of 1933, as amended (the “U.S. Securities Act”), 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. 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...