Ascot Resources Ltd. (TSX: AOT |OTCQX: AOTVF) has provided a construction update on the company’s Premier Gold Project, located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia.
Project construction was 86% complete as of 31 December 2023, and is currently nearing completion, with first ore delivery to the mill anticipated by the end of March 2024, with the first gold pour anticipated in April.
Derek White, president, and CEO, commented, “With project construction nearing completion and early commissioning underway, we eagerly anticipate progressing to the production and operations phase at the Premier Gold Mine. The project also accomplished an impressive safety milestone having surpassed 1M hours without a lost time incident, along with another quarterly reduction in total recordable incident frequency.”
In addition, the company has announced the closing of its financing for a total of US$50M from Sprott Resource Streaming and Royalty Corp. and/or its affiliates, and Nebari Natural Resources Credit Fund II, LP.
Concurrently, the company closed its previously announced bought deal private placement financing with a syndicate of underwriters co-led by BMO Capital Markets and Desjardins Capital Markets, and including CIBC World Markets Inc., Raymond James Ltd., and Velocity Trade Capital Ltd.
Under the bought deal financing, Ascot issued a total of 65,343,000 common shares of the company at a price of C$0.44 per common share, for gross proceeds of approximately C$29M, which included the full exercise of the underwriters’ option.
“We are also proud to have recently closed an additional financing package which we believe is sufficient for the company to progress from construction to first gold pour, ramp-up, commercial production and steady-state operations. With the gold price still trading near US$2,000 per ounce, this is an opportune time for us to become Canada’s next gold producer.” Added Mr. White.
To find out more, please visit www.ascotgold.com
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