Ascot Announces Closing Of C$15.9 Million Private Placement

Press Release

Vancouver, B.C. May 22, 2019 — Ascot Resources Ltd (TSX.V: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce that further to its press releases of May 2, 7 and 15, 2019, it has closed the brokered and non-brokered private placement of 8,139,548 “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (the “Flow Through Shares”) at a price of C$0.76 per Flow-Through Share, and 13,841,035 units (the “Units”) at a price of C$0.70 per Unit (with each Unit comprising of one common share in the capital of the Company and one common share purchase warrant exercisable for one year at an exercise price of C$0.95) for gross proceeds of C$15.9 Million (“the Offering”). The Offering was conducted by a syndicate of agents led by Sprott Capital Partners LP and included GMP Securities L.P. and Numis Securities Limited (collectively the “Agents”). The Agents exercised part of the agent’s option, increasing the brokered offering by an additional C$569,870, for a total of $9,069,870 in gross proceeds.

In connection with the Offering, the Company paid the Agents and finders cash fees in the amount of C$604,495, representing up to 5% of the C$14.6 raised by the Agents and the finders, and issued 888,332 non-transferable warrants (“Compensation Warrants”), representing up to 5% of the Units and Flow-Through Shares sold pursuant to the efforts of the Agents and finders. The Compensation Warrants will be exercisable at C$0.95 per Compensation Warrant into common shares of the Company for a period of one year from the closing date of the Offering.

The Units, the Flow-Through Shares, the Compensation Warrants, and the underlying securities thereof, issued in the Offering are subject to a statutory hold period expiring on September 23, 2019.

The proceeds from the Offering will be used for exploration and resource upgrade drilling, permitting, engineering and economic studies and for general corporate and working capital purposes.

For more information concerning the Company, please refer to the Company’s profile on SEDAR at www.sedar.com .

ON BEHALF OF THE BOARD OF DIRECTORS OF
ASCOT RESOURCES LTD.

“Derek C. White”, President and CEO

For further information, please contact:
Ascot Resources Ltd.
Kristina Howe
VP, Investor Relations
Tel: 778-725-1060 ext. 1019
Email: khowe@ascotgold.com

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