Ascendant Resources Inc. (TSX: ASND | OTCQB: ASDRF | FRA: 2D9) has closed of the first tranche of its non-brokered private placement announced on 13 May 2022. The second and final tranche to complete the offering, is expected to close near 25 May 2022.
Under the first tranche, the company has issued 14,416,893 common shares of the company at a price of C$0.20 per common share for aggregate proceeds of C$2,883,378.60. Ascendant Resources intends to use the net proceeds from the offering to make the next earn in option payment to satisfy the requirements needed to increase its ownership of the Lagoa Salgada project to 50%, advance the Lagoa Salgada feasibility study, and use for working capital and general corporate purposes.
Insiders of the company subscribed for a total of 9,766,893 common shares at the offering price for total gross proceeds of C$1,953,378.60.
About Ascendant Resources Inc.
Ascendant 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. Through focused exploration and aggressive development plans, the company aims to unlock the inherent potential of the project, maximizing value creation for shareholders.
To find out more visit: https://www.ascendantresources.com/Home/default.aspx
