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Ascot Resources Announces Closing of C$34 Million Bought Deal Financing
VANCOUVER, British Columbia, July 25, 2024 (GLOBE NEWSWIRE) -- Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce t
About this update from Cambria Gold Mines Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, July 25, 2024 (GLOBE NEWSWIRE) -- Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce that it has closed the previously announced bought deal financing, including the full exercise of the over-allotment option, for gross proceeds of approximately C$34 million (the “Offering”). The Offering consisted of 30,242,000 flow-through units (the “Flow-Through Units”) at a price of C$0.496 per Flow-Through Unit and 44,188,000 hard dollar units (the “HD Units”) at a price of C$0.43 per HD Unit (together, the “Offered Securities”) for gross proceeds of approximately C$34 million. The Offering was conducted by a syndicate of underwriters co-led by BMO Capital Markets and Desjardins Capital Markets (together, the “Joint Bookrunners”), and including Raymond James Ltd., CIBC World Markets Inc., and Velocity Trade Capital Ltd. (collectively, with the Joint Bookrunners, the “Underwriters”). Each Offered Security is comprised of one common share of the Company (each, a “Share\") and one common share purchase warrant of the Company (each, a “Warrant”). Each Warrant will entitle the holder to acquire one Share (each, a “Warrant Share”) at a price of C$0.52 per Warrant Share for a period of 24 months following Closing. The Shares and Warrants comprising the Flow-Through Units will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada). The gross proceeds raised from the Shares and Warrants comprising Flow-Through Units will be used by the Company to incur eligible “accelerated Canadian development expenses\" (within the meaning of the Income Tax Act (Canada)) (the “Qualifying Expenditures”). The Qualifying Expenditures will be incurred or deemed to be incurred and renounced to the purchasers of the Flow-Through Units with an effective date no later than December 31, 2024. The net proceeds raised pursuant to the issuance of the HD Units will be used for the ongoing commissioning and ramp-up of the Premier Gold Mine, for additional working capital, and for general corporate purposes. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release...