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Ascot Resources increases C$5M placement to C$6.5M

Ascot Resources Ltd. increased its previously reported private placement to target up to C$6.5 million, up from the C$5 million outlined in late February.

The company said March 13 that it amended its agreement with agents Sprott Capital Partners and Primary Capital Inc. after the offering was oversubscribed.

The placement will now comprise up to 4,362,416 flow-through common shares at C$1.49 apiece, with closing anticipated on or around March 22, subject to approvals.

Ascot Resources will use the proceeds for exploration in Canada. The company's flagship asset is the Premier gold-silver property in British Columbia.