Ascendant Resources Inc. (TSX: ASND) has announced a non-brokered private placement for aggregate gross proceeds of up to C$2.776M. The company will issue up to 34.7M common shares at a price of C$0.08 per share.
The company intends to use the net proceeds from the offering toward completing 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.
Mark Brennan, executive chairman, commented, “In conjunction with the recently announced US$4M funding by Sprott Resources Streaming and Royalty Corp., we are raising additional funds to take Lagoa Salgada to construction funding which is expected by the end of the third quarter of 2024. We have project funding support from UKEF, the UK Export Credit Agency to provide up to US$158M or up to 70% of our capital requirement to build the Lagoa Salgada project.”
He continued, “We believe the Lagoa Salgada project has the strong funding support to make it the next producing mine on the Iberian Pyrite Belt which straddles the border of Portugal and Spain.”
Further, Ascendant will close the offering on or about 15 December 2023, and may elect to close the offering in one or more tranches. The offering is subject to customary conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange, as well as the satisfaction of other customary closing conditions.
To find out more, please visit www.ascendantresources.com.au
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