Ascendant Resources Inc. (TSX: ASND) has closed the first tranche of its non-brokered private placement announced 7 December 2023. The second and final tranche to complete the offering is expected to close on or about 5 January 2024. The offering is fully subscribed, and the company is completing final settlement for the balance.
Under the first tranche, Ascendant has issued approximately 18.4M shares at C$0.08 each for gross proceeds of C$1.47M. The company intends to use the proceeds from the offering to complete an optimized feasibility study report focused on improved metallurgy and mine sequencing in Q2 2024, progressing project financing and for working capital and general corporate purposes.
Securities issued in connection with the offering to persons subject to Canadian securities laws are subject to a hold period of four months and one day in accordance with applicable securities legislation. Certain other securities were issued to persons in offshore jurisdictions pursuant to Ontario Securities Commission Rule 72-503 – Distributions Outside Canada and such securities are not subject to a statutory hold period.
Ascendant Resources is a Toronto-based mining company focused on the exploration and development of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal.
The Lagoa Salgada project is a high-grade polymetallic project, demonstrating a typical mineralization endowment of zinc, copper, lead, tin, silver, and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 7,209ha property concession.
The shares being offered have not been, nor will they be, registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the US or to, or for the account or benefit of, US persons absent US registration or an applicable exemption from the US registration requirements.
For further information, please visit: www.ascendantresources.com
To read more articles like this, please visit: www.theassay.com
