Ascot Resources closes C$175 million private placement, names new chair

Ascot Resources Ltd. (TSXV: AOT.H; OTCID: AOTVF) completed the final tranche of its private placement, raising aggregate gross proceeds of C$175 million, the Canadian mining company announced January 27.

The second tranche consisted of 34.2 million charity flow-through units priced at C$0.73 each for gross proceeds of approximately C$25 million, and 116.4 million hard dollar units at C$0.60 per unit for gross proceeds of approximately C$69.8 million. Each unit includes one common share and one-half warrant, with warrants exercisable at C$0.85 per share for 12 months following December 30, 2026.

The offering was conducted by a syndicate co-led by Canaccord Genuity Corp. and Raymond James Ltd., with Desjardins Capital Markets participating. The first tranche closed December 30, 2025.

Net proceeds from hard dollar units will fund development of the Premier Gold Mine and Red Mountain project, along with general corporate purposes. Proceeds from flow-through units will be used for eligible Canadian development expenses under the Income Tax Act.

The company appointed Alex Morrison as non-executive chair of the board, effective January 27. Morrison joined the board as lead director December 30, 2025, replacing Indi Gopinathan, who served as interim chair since October 2025 and continues as a board director.

Ascot granted 22.3 million stock options to directors, officers, employees and consultants at an exercise price of $1.75 per share, expiring January 27, 2031. The company also granted 8.4 million restricted share units and 740,000 deferred share units, both vesting equally over three years starting January 27, 2027.

The Vancouver-based company owns the Premier Gold mine located on Nisga'a Nation Treaty Lands in British Columbia's Golden Triangle region.

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