Ascot launches up to C$65m private placement
Vancouver-based Ascot Resources has announced a best-efforts private placement offering to raise between C$60-million and C$65-million.
The offering, led by Desjardins Capital Markets and BMO Capital Markets, will consist of units priced at C$0.115 each.
Each unit will include one common share and one common share purchase warrant, with each warrant allowing the holder to acquire an additional share at C$0.155 for 24 months following the closing date, subject to adjustments.
The proceeds from the offering will be allocated toward advancing Ascot’s Premier gold project (PGP) in British Columbia and for general corporate purposes.
The financing move follows a recent announcement by Ascot regarding a delay in the restart of milling operations at the PGP. Initially expected to commence processing ore earlier, operations are now scheduled to begin in July due to slower-than-anticipated underground development, attributed to a shortage of skilled labour.
Newly appointed president and CEO Jim Currie said earlier this month that while the mill and deposit were expected to perform in line with prior guidance, the delay had resulted in a working capital shortfall. In response, Ascot is finalising a revised schedule and budget to reflect the updated timeline.
Premier, located near Stewart, British Columbia, is a high-grade gold development asset aiming to become a key producer in the region.
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