Three-year standby equity distribution agreement funds gold operations
By Devika Patel
Knoxville, Tenn., Oct. 3 - Ascot Mining plc said it arranged a £6 million standby equity distribution agreement with YA Global Master SPV Ltd.
YA has committed to purchase up to £6 million of the company's ordinary stock over the course of three years in multiple tranches at a 5% discount to the lowest volume-weighted average price during the 10 trading day pricing period. The maximum amount that may be drawn down at any time is 200% of the average volume-weighted daily trading value of the shares during the five trading days prior to the draw-down request.
Proceeds will be used to support the company's gold operations in Costa Rica, accelerate the phase 1 exploration program outlined in the 43-101 technical reports, for the costs associated with the applications for listing on AIM and the Toronto Stock Exchange and general working capital purposes.
The gold mining holding company is based in London.
| Issuer: | Ascot Mining plc
|
| Issue: | Standby equity distribution agreement
|
| Amount: | £6 million
|
| Tenor: | Three years
|
| Price: | 5% discount
|
| Warrants: | No
|
| Investor: | YA Global Master SPV Ltd.
|
| Settlement date: | Oct. 3
|
| Stock symbol: | Pink Sheets: ATMGF
|
| Stock price: | $0.70 at close Sept. 30
|
| Market capitalization: | $40.95 million
|
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