Ascot Resources Ltd.
TSX VENTURE : AOT

Ascot Resources Ltd.

September 28, 2009 08:00 ET

Ascot Resources Ltd.: $1.8 Million Financing Closed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 28, 2009) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ascot Resources Ltd. (the "Company") (TSX VENTURE:AOT) is pleased to announce that, further to its press release dated September 9, 2009 it has closed a non-brokered private placement of four million units (the "Units") at a price of $0.45 per Unit for gross proceeds of $1,800,000. Each Unit consists of one flow through share and one half of one non-transferable common share purchase warrant. Each whole warrant will be exercisable for an additional common share until September 25, 2010 at an exercise price of $0.55 per common share. In the event that daily volume weighted average price of the Company's common shares on the TSX Venture Exchange is greater than $0.80 per share for a period of twenty consecutive trading days at any time after four months from the closing of the private placement, the Company may give notice to the holders of the warrants within thirty days of such occurrence, that the warrants will expire thirty days from the date of the notice.

In connection with the private placement the Company will pay to certain finders, subject to TSX Venture Exchange approval, a cash fee of $144,000 which is equal eight per cent of the gross proceeds raised by finders and issue 320,000 non-transferable warrants ("Finder's Warrants") which is equal to eight per cent of the Units sold pursuant to the efforts of finders. The Finder's Warrants will be exercisable at $0.45 per Finder's Warrant all other terms of the Finder's Warrant will be identical to those of the warrants in the Units

All securities issued pursuant to the private placement and the Finder's Warrants are subject to a hold period expiring on January 26, 2010.

The flow through funds raised from the private placement will be used for exploring the Company's Premier and Dilworth properties which will constitute Canadian exploration expenses and will be renounced for 2009 income tax year.

ON BEHALF OF THE BOARD OF DIRECTORS OF ASCOT RESOURCES LTD.

John A. Toffan, Director

This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act" )or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Cautionary Statement Regarding Forward-Looking Information

All statements, trend analysis and other information contained in this press release regarding anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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