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Ascendant Closes First Tranche of C$3.5 Million Non-Brokered Private Placement

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Ascendant Closes First Tranche of C$3.5 Million Non-Brokered Private Placement

 

 

 

 

 

Ascendant Resources Inc. (TSX: ASND) is pleased to announce the close of the first tranche of its non-brokered private placement announced on May 13, 2022. The second and final tranche to complete the offering, is expected to close on or about May 25, 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. The Company 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.

 

Securities issued in connection with the First Tranche to persons subject to Canadian securities laws are subject to a hold period of four months and one day in accordance with applicable securities legislation. Certain other securities were issued to persons in offshore jurisdictions pursuant to Ontario Securities Commission Rule 72-503 – Distributions Outside Canada and such securities are not subject to a statutory hold period.

 

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. Participation by insiders in the Offering constitutes a related party transaction as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of 61-101 as the fair market value of securities issued to such insiders does not exceed 25% of the Company’s market capitalization. The Company did not file a material change report 21 days prior to the closing of the Offering as the details of the Offering and the participation of insiders of the Company had not been confirmed at that time.

 

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.

 

The Venda Nova deposit at Lagoa Salgada contains over 10.33 million tonnes of Measured and Indicated Resources @ 9.06 % ZnEq and 2.50 million tonnes of Inferred Resources @ 5.93 % ZnEq in the North Zone; and 4.42 million tones of Indicated Resources @ 1.50 % CuEq and 10.83 million tonnes of Inferred resources @ 1.35 % CuEq in the South Zone. The deposit demonstrates typical mineralization characteristics of Iberian Pyrite Belt VMS deposits containing zinc, copper, lead, tin, silver and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 10,700ha property concession. The project also demonstrates compelling economics with scalability for future resource growth in the results of the Preliminary Economic Assessment. Located just 80km from Lisbon, Lagoa Salgada is easily accessible by road and surrounded by exceptional Infrastructure. Ascendant holds a 21.25% interest in the Lagoa Salgada project through its 25% position in Redcorp – Empreendimentos Mineiros, Lda, and has an earn-in opportunity to increase its interest in the project to 80%. Mineral & Financial Investments Limited owns the additional 75% of Redcorp. The remaining 15% of the project is held by Empresa de Desenvolvimento Mineiro, S.A., a Portuguese Government owned company supporting the strategic development of the country’s mining sector. The Company’s interest in the Lagoa Salgada project offers a low-cost entry to a potentially significant exploration and development opportunity, already demonstrating its mineable scale.

 

Posted May 24, 2022

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