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Ascot Resources Refinances Existing US$10 Million Convertible Facility
VANCOUVER, British Columbia, June 19, 2023 (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, June 19, 2023 (GLOBE NEWSWIRE) -- Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce that it has entered into a definitive credit agreement with Nebari Gold Fund 1, LP (“Nebari”), which consists of US$14 million subordinated convertible credit facility (the “Nebari Convertible Facility”). The Nebari Convertible Facility is to refinance Ascot’s existing Beedie Convertible Facility (as defined below). In late 2020 and as part of a larger project financing package, Ascot entered into a US$25 million subordinated convertible credit facility with Beedie Investments Ltd. (“Beedie Capital”) of which the Company had drawn an initial advance of US$10 million (the “Beedie Convertible Facility”) and canceled the undrawn facility of US$15 million. The Nebari Convertible Facility is bound by broadly similar terms as compared with the Beedie Convertible Facility, with the most notable difference being an extension of the maturity date from late-2024 to mid-2027. Closing of the Nebari Convertible Facility is expected to be before June 30, 2023. Closing of the Nebari Convertible Facility is subject to the satisfaction of customary closing conditions and the Company receiving all necessary regulatory approvals, including the approval of the Toronto Stock Exchange (“TSX”). Derek White, President and CEO, commented, \"We are pleased to have found a capable and aligned financing partner in Nebari to refinance our existing convertible facility. In extending the maturity date from late-2024 to mid-2027, we enhance our operating flexibility by minimizing pressure on our balance sheet or our capital structure.” Nora Pincus and Juan Alvarez, Managing Directors at Nebari, commented, “We are very excited to be entering into this Convertible Facility with Ascot Resources and helping to support the construction of the Premier Gold Project as it progresses into production. We are impressed with the experience and professionalism of the Ascot team and have the utmost confidence in their ability to become one of British Columbia’s premier gold producers.” THE NEBARI CONVERTIBLE FACILITY Principal of US$14 million drawn in one tranche (the “Advance”), the proceeds of which will be used to repay the Beedie Convertible Facility outstanding principal of US$10 million, together with all accr...