VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 11, 2016) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION VIA US NEWSWIRE SERVICES
Ascot Resources Ltd. (TSX VENTURE:AOT) (the "Company") is pleased to announce that it has closed the previously announced non-brokered private placement for 435,000 units (the "Units") at a price of $1.15 per Unit for gross proceeds of $500,250.00 (the "Offering"). Each Unit consists of one common share and one-half of one non-transferable common share purchase warrant. Each whole warrant is exercisable for an additional common share until July 11, 2018 at an exercise price of $1.15 per warrant.
In connection with the Offering, the finders received a cash commission equal to 7.0% of the gross proceeds raised under the Offering by the finders and 30,450 non-transferable warrants ("Finder's Warrants"). Each Finder's Warrant is exercisable to purchase one common share until July 11, 2018 at an exercise price of $1.15 per Finder's Warrant.
All securities issued pursuant to the Offering are subject to a statutory hold period expiring on the date that is four months and one day following the date of issuance.
The proceeds from the Offering will be used for working capital.
For more information concerning the Company, please refer to the Company's profile on the SEDAR website at www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ASCOT RESOURCES LTD.
John A Toffan, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
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 relative to markets about 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. All statements, other than statements of historical fact, included herein, including, without limitation, statements relating to the anticipated use of proceeds of the Offering and statements regarding the exploration and mineralization potential of the Premier property, are forward-looking statements. 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. Important factors that could cause actual results to differ materially from Ascot's expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Ascot does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.