Canadian Mining Journal

News

Ascot prepares for 
Sprott’s $20M investment



VANCOUVER — Ascot Resources (TSXV: AOT) is reconsidering plans on how to best advance its flagship Premier gold-silver project, 20 km northeast of Stewart, BC, now that mining and exploration financier Eric Sprott wants to inject $20 million into the company.

The placement, which Ascot expects to close by August, would be divided into flow-through units and hard dollar units, valued at $1.25 per share and $1.15 per share. Each unit comes with half a warrant, and each whole warrant is exercisable within two years for $1.50 per share.

Ascot’s chief financial officer Bob Evans tells The Northern Miner during a phone interview that the company is “delighted” to gain Sprott’s interest.

“Sprott has a reputation of being an asset finder and wealth creator, so for him to recognize the significance and potential of our property is good news for all our shareholders,” Evans says.

In April, the junior explorer began a 60,000-metre drill program at the project’s gold-silver Premier deposit, an epithermal breccia and stockwork vein system measuring 30 to 150 metres thick, 1.6 km along strike and up to 1.5 km down dip.

Read the entire story at www.NorthernMiner.com/financial-matters/ascot-lands-20m