Ascot raises C$61.1m in private placement for Premier project
Vancouver-based Ascot Resources has closed the second and final tranche of a private placement, securing gross proceeds of C$61.1-million to support the advancement of its Premier gold project in British Columbia toward production.
The developer said on Thursday that the offering attracted strong support from major shareholders Ccori Apu and Equinox Partners. The financing was conducted in two tranches, with the first closing on March 14 and the second finalised this week.
The offering was led by Desjardins Capital Markets and BMO Capital Markets, with participation from Raymond James. It comprised charity flow-through (CDE FT) units priced at C$0.1403 and hard dollar (HD) units priced at C$0.115. Each unit included one common share and a warrant exercisable at C$0.155 for 24 months.
The first tranche raised about C$42-million, with the sale of 142.6-million CDE FT units and 191.4-million HD units. The second tranche added C$19.2-million through the issuance of 166.7-million HD units.
Following the transaction, Ccori Apu holds a 32.63% stake on a fully diluted basis, while Equinox Partners holds 14.97%. Equinox acquired 33.3-million HD units and indirectly 55.6-million CDE FT units — about 4.3-million HD units less than previously disclosed.
Proceeds from the financing will be directed primarily toward development of the Premier project, near Stewart, in the Golden Triangle, and for general corporate purposes.
The financing move followes a recent announcement by Ascot regarding a delay in the restart of milling operations at the Premier project. Initially expected to commence processing ore earlier, operations are now scheduled to begin in July owing to slower-than-anticipated underground development, attributed to a shortage of skilled labour.
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