Ascot Resources Ltd. Announces C$55 Million Bought Deal Financing

Not for distribution to U.S. news wire services or dissemination in the United States.

VANCOUVER, British Columbia, March 31, 2021 (GLOBE NEWSWIRE) -- Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and Raymond James Ltd., under which the underwriters have agreed to buy on bought deal basis 64,000,000 common shares (the “Common Shares”), at a price of C$0.86 per Common Share for gross proceeds of approximately C$55 million (the “Offering”). The Company has granted the Underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The offering is expected to close on or about April 9, 2021 and is subject to Ascot receiving all necessary regulatory approvals.

The net proceeds of the offering will be used to fund construction of the Company’s Premier Gold Project and for general working capital purposes.

The Common Shares will be offered pursuant to the Company’s base shelf prospectus dated January 21, 2021. The terms of the Offering will be described in a prospectus supplement to be filed with the securities regulators in each of the provinces and territories of Canada, other than Quebec, and the Common Shares may also be offered by way of private placement in the United States.

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.

For further information contact:
Kristina Howe
VP, Investor Relations
778-725-1060 / [e-mail]

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.