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Ascot Resources Closes US$7.5 Million and C$42 Million in Additional Funding for Restart of the Premier Gold Project
VANCOUVER, British Columbia, Nov. 18, 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, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce that the Company has closed the previously announced senior secured debt financing and amendments (the “Debt Financing”), including approximately US$7.5 million from Sprott Private Resource Streaming and Royalty (B) Corp, (“Sprott Streaming”). In addition, the Company’s secured creditors, including Sprott Streaming and Nebari Gold Fund 1, LP, Nebari Natural Resources Credit Fund II, LP and Nebari Collateral Agent LLC (together “Nebari”), have extended the waiver and forbearance agreements previously granted until May 31, 2025. Further information is available in the Company’s news releases dated October 30, 2024 and November 11, 2024. Concurrently, the Company closed its previously announced “best-efforts” private placement offering (the “Equity Financing”, and together with the Debt Financing, the “Financings”) of common shares of the Company (the “Common Shares”). The Equity Financing was conducted by a syndicate of agents co-led by Desjardins Capital Markets and BMO Capital Markets and included Raymond James Ltd. and Velocity Trade Capital Ltd. Under the Equity Financing, the Company issued a total of 262,500,000 Common Shares at a price of C$0.16 per Common Share, for gross proceeds of approximately C$42 million. Ccori Apu S.A.C acquired 86,500,000 Common Shares pursuant to the Equity Financing, an additional 250,000 Common Shares from the amount disclosed in the news release dated November 11, 2024. In connection with the Debt Financing, the Company issued 824,901 Common Shares to Sprott Streaming and 8,766,875 Common Shares to Nebari. The net proceeds of the Financings will be used to advance the development of the Premier Northern Lights mine (“PNL”), restart the mill and restart the Big Missouri mine (“BM”) from the current state of care and maintenance. Derek White, President and CEO, commented: \"We commend our financing partners Sprott Streaming and Nebari for their cooperation and timely closing for this financing and forbearance. We express our gratitude to our existing shareholders who participated in the equity financing, including our largest shareholder Ccori Apu S.A.C., and Equinox Partners LLP and other long-term shareholders whose support is very much ...