Offering sells two types of unit with warrants, finances exploration
By Devika Patel
Knoxville, Tenn., July 31 - Ascot Resources Ltd. said it raised C$1.36 million in the first tranche of a C$8 million non-brokered private placement of units. The deal priced for C$10 million July 19 and was decreased to C$8 million on July 24.
The company will now sell 4,285,714 units of one common share and one warrant at C$0.70 per unit and 6,666,667 flow-through units of one flow-through common share and one warrant at C$0.75 per unit.
Ascot sold 1,299,000 flow-through units and 557,428 units in the initial tranche.
The two-year unit warrants will be exercisable at C$0.70. The strike price is identical to the July 18 closing share price.
The one-year flow-through unit warrants will be exercisable at C$0.75, a 7.14% premium to the July 18 closing price.
Proceeds will be used for exploration and general and administrative expenses.
Invenio is a Vancouver, B.C., exploration company focused on finding gold.
| Issuer: | Ascot Resources Ltd.
|
| Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one warrant
|
| Amount: | C$8 million
|
| Warrants: | One warrant per unit
|
| Agent: | Non-brokered
|
| Pricing date: | July 19
|
| Amended: | July 24
|
| Settlement date: | July 31 (for C$1,364,450)
|
| Stock symbol: | TSX Venture: AOT
|
| Stock price: | C$0.70 at close July 18
|
| Market capitalization: | C$61.57 million
|
|
|
| Units
|
| Amount: | C$3 million
|
| Units: | 4,285,714
|
| Price: | C$0.70
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.70
|
|
|
| Flow-through units
|
| Amount: | C$5 million
|
| Units: | 6,666,667
|
| Price: | C$0.75
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.75
|
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