October 21, 2024 (Globalinvestorideas.com Newswire) Globalinvestorideas.com, a go-to platform for big investing ideas for traders, including mining stocks reports on trading for Ascot Resources Ltd. (TSX: AOT) (OTCQX: AOTVF), the 100% owner of the Premier Gold Mine, which poured first gold in April 2024 and is located on Nisga’a Nation Treaty Lands, in the prolific Golden Triangle of northwestern British Columbia.
The stock is currently trading at $0.2300, up 0.0450, gaining 24.32% on volume of over 1.8 Million shares as of this report.
Today Ascot Resources announced a plan to raise approximately C$40 million in funding to advance the development of the Premier Northern Lights mine (“PNL”), restart the mill and restart the Big Missouri mine (“BM”) from the current state of temporary care & maintenance.
The Company has been in discussions with its main creditors, Sprott Private Resource Streaming and Royalty (B) Corp., Nebari Gold Fund 1, LP, Nebari Natural Resources Credit Fund II, LP and Nebari Collateral Agent LLC (collectively the “Secured Creditors”) who have entered into a non-binding indicative term sheet with the Company to provide up to US$11.25 million in new senior debt on the terms, and subject to the conditions, described in such term sheet, including those set out below (the “Debt Financing”). As part of the Debt Financing, the Secured Creditors would extend their existing waiver and forbearance conditions until May 31, 2025.
The Company has also entered into an agreement with a syndicate of agents co-led by Desjardins Capital Markets and BMO Capital Markets (collectively the “Agents”) in respect of a private placement, to be marketed on a best-efforts basis, of common shares of the Company (the “Common Shares”) at a price of C$0.16 per Common Share (the “Offer Price”) to raise a minimum of C$25,000,000 and up to a maximum of C$35,000,000 (the “Equity Financing”).
Recent news release
https://ca.finance.yahoo.com/news/ascot-provides-funding-future-mine-115000421.html
https://www.investorideas.com/Audio/Podcasts-Exploring-Mining.asp
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