Ascot Resources Ltd. (TSX: AOT) (OTCQX: AOTVF) is pleased to announce that it has closed its previously announced bought deal financing. A total of 70,700,000 common shares were sold in the base deal and overallotment option at a price of C$0.86 per Common Share for gross proceeds to the Company of approximately C$61 million. The previously announced over allotment option is now closed.

The Offering was conducted by a syndicate of underwriters led by BMO Capital Markets and Raymond James Ltd. and including Desjardins Securities Inc., Stifel GMP and Sprott Capital Partners LP.

Derek White, President and CEO, commented, “We are pleased that we were able to raise capital in a challenging capital markets environment. The completion of the Offering will be used to fund the construction of the Company’s Premier Gold Project, and for general working capital purposes. Ascot looks forward to a very productive year ahead with the construction forecasted to commence later this year and in due course we will be updating the market with our 2021 exploration plans.”

The Common Shares were issued by way of prospectus supplement to the Company’s base shelf prospectus dated January 21, 2021, filed with the securities regulators in each of the provinces and territories of Canada, other than Quebec. The Common Shares were also offered by way of private placement in the United States. A copy of the Prospectus is available under the Company’s profile on SEDAR at www.sedar.com.

The Common Shares offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Ascot Resources Ltd.

Ascot is a Canadian-based exploration and development 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 Gold Project). Ascot’s 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.