Ascot Resources Ltd. announced a private placement of 30,242,000 flow-through units at a price of CAD 0.496 per share for the gross proceeds of CAD 15,000,032; and 11,630,000 hard dollar units at a price of CAD 0.43 per hard dollar unit for the gross proceeds of CAD 5,000,900; for aggregate gross proceeds of approximately CAD 20,000,932 on July 9, 2024. Each unit shall consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one share at a price of CAD 0.52 per warrant share for a period of 24 months following closing.

In addition, the company has also granted the underwriters an option, exercisable up to 48 hours prior to the closing of the offering, to purchase up to an additional 15% of the number of offered securities purchased pursuant to the offering. The offering is expected to close on or about July 25, 2024, and is subject to the company receiving all necessary regulatory approvals, including the approval of the Toronto Stock Exchange.