Ascot Announces Closing of the First Tranche of Private Placement, Changes to Leadership and Creditor Restructuring

Core Viewpoint - Ascot Resources Ltd. has successfully closed the first tranche of a brokered private placement, raising approximately C$80.1 million to further develop its Premier Gold Mine and Red Mountain project, while also undergoing significant leadership changes and financial restructuring [1][7][4]. Financing and Offerings - The first tranche of the offering consisted of 133,588,478 hard dollar units priced at C$0.60 per unit, generating gross proceeds of approximately C$80.1 million [7]. - The proceeds from the offering will be utilized for the development of the Premier Gold Mine and Red Mountain project, as well as for general corporate purposes [11]. - The offering is being conducted by a syndicate of agents co-led by Canaccord Genuity Corp. and Raymond James Ltd. [8]. Leadership Changes - Jim Currie will step down as President, CEO, and Director, with Robert McLeod taking over the role [4]. - Alex Morrison will join the Board of Directors as Lead Director, and Ryan Wemark will become Executive Vice-President [4]. Project Development Plans - The company plans to announce detailed development plans for its projects, including a corporate rebrand and proposed name change [6]. - The Red Mountain Project is highlighted as a key asset for the successful commissioning of a centralized mill to process materials from multiple deposits in the Golden Triangle [6]. Financial Restructuring - The company has entered into amended agreements with Nebari and Sprott, extending loan maturity dates and restructuring payment terms [2][13][15]. - The company has settled existing lien claims related to the Premier Gold Mine using proceeds from a recent rights offering [2][17]. Shareholder Participation - Ccori Apu acquired 50,416,667 HD Units for approximately C$30.25 million, increasing its ownership stake in the company [30]. - Following the transactions, Ccori Apu now controls 35.6% of the issued and outstanding Common Shares on a non-diluted basis [30].