Ascot Resources Ltd. (TSX: AOT | OTCQX: AOTVF) has announced that pursuant to its news release dated 12 April 2023, the C$4.0M non-brokered flow through private placement has been closed.
The offering raised total gross proceeds of C$4,050,000 and consisted of 5,000,000 common shares of the company, which qualify as “flow-through shares” within the meaning of the Income Tax Act (Canada), at a price of C$0.81 per FT Share.
The proceeds from the offering will be used to fund the company’s 2023 exploration programme at the Ascot’s Premier Gold Project, located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia.
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 31 December 2023 in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares.
Ascot is a Canadian junior exploration and development company focused on re-starting the past producing Premier gold mine, located on Nisga’a Nation Treaty Lands, in British Columbia’s prolific Golden Triangle. Ascot shares trade on the TSX under the ticker AOT.
Concurrent with progressing the development of Premier, the company continues to successfully explore its properties for additional high-grade underground resources. Ascot is committed to the safe and responsible development of Premier in collaboration with Nisga’a Nation as outlined in the Benefits Agreement.
To find out more, please visit www.ascotgold.com
