Ascot Resources Ltd (TSX.V: AOT) (OTCQX: AOTVF) is pleased to announce that further to its press releases of May 2, 7 and 15, 2019, it has closed the brokered and non-brokered private placement of 8,139,548 “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) at a price of C$0.76 per Flow-Through Share, and 13,841,035 units at a price of C$0.70 per Unit (with each Unit comprising of one common share in the capital of the Company and one common share purchase warrant exercisable for one year at an exercise price of C$0.95) for gross proceeds of C$15.9 Million. The Offering was conducted by a syndicate of agents led by Sprott Capital Partners LP and included GMP Securities L.P. and Numis Securities Limited. The Agents exercised part of the agent’s option, increasing the brokered offering by an additional C$569,870, for a total of $9,069,870 in gross proceeds.

In connection with the Offering, the Company paid the Agents and finders cash fees in the amount of C$604,495, representing up to 5% of the C$14.6 raised by the Agents and the finders, and issued 888,332 non-transferable warrants, representing up to 5% of the Units and Flow-Through Shares sold pursuant to the efforts of the Agents and finders. The Compensation Warrants will be exercisable at C$0.95 per Compensation Warrant into common shares of the Company for a period of one year from the closing date of the Offering.

The Units, the Flow-Through Shares, the Compensation Warrants, and the underlying securities thereof, issued in the Offering are subject to a statutory hold period expiring on September 23, 2019.

The proceeds from the Offering will be used for exploration and resource upgrade drilling, permitting, engineering and economic studies and for general corporate and working capital purposes.

For more information concerning the Company, please refer to the Company’s profile on SEDAR at www.sedar.com.

About Ascot Resources Ltd. 

Ascot is a Canadian-based junior exploration company focused on re-starting the past producing historic Premier gold mine, located in British Columbia’s Golden Triangle. The Company continues to define high-grade resources for underground mining with the near-term goal of converting the underground resources into reserves, while continuing to explore nearby targets on its Premier/Dilworth and Silver Coin properties (collectively referred to as the Premier project). Ascot’s recent acquisition of IDM Mining added the high-grade gold and silver Red Mountain project to its portfolio and positions the Company as a leading consolidator of high- quality assets in the Golden Triangle. Located near the mining town of Stewart BC, the Company recently announced a Benefits Agreement with Nisga’a Nation.