Press Release
Vancouver, B.C. May 29, 2024 — Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce that, further to the Company’s news release dated May 7, 2024, the Company has closed the first of two tranches (the “First Tranche”) of the C$5.0 million non-brokered flow through private placement (the “Offering”), the proceeds of which will be used to fund the 2024 exploration program at the Company’s Premier Gold Project (“PGP” or the “project”), located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia.
The Offering consists of 6,024,096 common shares of the Company, which qualify as “flow-through shares” within the meaning of the Income Tax Act (Canada) (the “FT Shares”), at a price of C$0.83 per FT Share. Under the First Tranche, the Company issued 1,204,096 FT Shares for gross proceeds of C$999,400. The second and final tranche of the Offering is anticipated to close on or before June 14, 2024.
The gross proceeds from the issuance of the FT Shares will be used for “Canadian exploration expenses”, and will qualify as “flow-through mining expenditures” as those terms are defined in the Income Tax Act (Canada), which will be renounced to the purchaser of the FT Shares with an effective date no later than December 31, 2024 in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares.
The FT Shares issued in the Offering will be subject to a hold period expiring four months and one day from their issue date.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
On behalf of the Board of Directors of Ascot Resources Ltd.
“Derek C. White”
President & CEO, Director
For further information contact:
David Stewart, P.Eng.
VP, Corporate Development & Shareholder Communications
dstewart@ascotgold.com
778-725-1060 ext. 1024
IBF4