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Ascot Resources to raise C$20M for Premier gold project

AscotResources Ltd. said July 11 that it will undertake a nonbrokeredprivate placement, comprising flow-through units and hard dollar units, withEric Sprott or his nominee to raise up to C$20 million.

Each flow-through unit will be priced C$1.25 and willconsist of 1 flow-through share and 0.5 of a nontransferable share purchasewarrant. Meanwhile, the hard dollar units, priced at C$1.15 apiece, willconsist of 1 common share and 0.5 of a nontransferable share purchase warrant.

A whole warrant will entitle the holder to purchase 1 commonAscot share at C$1.50 for a two-year period from closing.

The company will determine the portion of the flow-throughunits prior to the financing's closing, which is scheduled for Aug. 5. Uponclosing, Sprott will be entitled to nominate a member to Ascot's board.

Ascot will use the proceeds for exploration at itsPremier goldproject in British Columbia and for general working capital.