By Devika Patel
Knoxville, Tenn., Sept. 9 - Ascot Resources Ltd. announced that it plans to raise up to C$1.8 million in a non-brokered private placement of units.
The company will sell up to 4 million units at C$0.45 apiece. Each unit will consist of one flow-through share and one half-share warrant, with each whole warrant exercisable at C$0.55 for one year.
The warrants may expire sooner if the daily volume-weighted average price of the company's common shares is higher than C$0.80 for 20 consecutive trading days. In that case, the warrants will expire 30 days after Ascot notifies holders.
Proceeds will be used for exploring the company's Premier and Dilworth properties.
Ascot is a junior mineral exploration company based in Vancouver, B.C.
| Issuer: | Ascot Resources Ltd.
|
| Issue: | Units of one flow-through share and one half-share warrant
|
| Amount: | C$1.8 million
|
| Units: | 4 million
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.55
|
| Agents: | Non-brokered
|
| Pricing date: | Sept. 9
|
| Stock symbol: | TSX Venture: AOT
|
| Stock price: | C$0.43 at close Sept. 8
|
| Market capitalization: | C$22.6 million
|
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