Ascot Provides Update on Previously Announced Financing Package

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

VANCOUVER, British Columbia, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce that the Company has finalized the terms of definitive documentation for a total of approximately US$50 million in funding from Sprott Resource Streaming and Royalty Corp. and/or its affiliates (“Sprott Streaming”) and Nebari Natural Resources Credit Fund II, LP (“Nebari”), as further described in the Company’s news release dated January 22, 2024. Ascot, Sprott Streaming and Nebari have signed the definitive documentation into escrow with an anticipated effective date of February 20, 2024.

The Company is also announcing that the closing date for the previously announced bought deal financing with a syndicate of underwriters co-led by BMO Capital Markets and Desjardins Capital Markets, as further described in the Company’s news release dated January 22, 2024, is now scheduled to occur on February 20, 2024.

The Company has received TSX conditional approval for the transactions described herein, however, the closing of the bought deal financing remains subject to customary closing conditions. The release from escrow of the definitive documentation executed by Ascot, Sprott Streaming and Nebari is subject to the parties’ express release upon the concurrent completion of the bought deal financing and the submission for registration of certain debentures in the Land Title Office of British Columbia and in the Mineral Titles Online of British Columbia.

Any securities 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 securities in any State in which such offer, solicitation or sale would be unlawful.

ADVISORS

Auramet International LLC is acting as financial advisor to Ascot in connection with the Sprott Streaming and Nebari transactions. Blake, Cassels & Graydon LLP is acting as Ascot’s legal advisor.

On behalf of the Board of Directors of Ascot Resources Ltd.
“Derek C. White”
President & CEO

For further information contact:

David Stewart, P.Eng.
VP, Corporate Development & Shareholder Communications
[e-mail]