VANCOUVER, British Columbia, Jan. 21, 2019 (GLOBE NEWSWIRE) -- Ascot Resources Ltd. (TSX.V:AOT, OTCQX:AOTVF) (“Ascot” or the “Company”) is pleased to announce that it has entered into a subscription and note agreement related to a convertible loan for gross proceeds of US$10 million (the “Note”) split between Sprott Private Resource Lending (Collector), LP and Resource Income Partners Limited Partnership for US8.83M and US$1.17M respectively. As previously announced on January 7, 2019, the Note will mature in two years with an interest rate of 8% or 8.5% and subject to certain terms will be convertible into common shares in the capital of the Company at a conversion price of US$1.13 per share (the “Conversion Shares”). The proceeds of the Note will be used to fund: the acquisition of milling equipment; a convertible loan by the Company to IDM Mining Ltd.; the development of the Premier Project; and for other general corporate purposes of the Company. The Conversion Shares issuable on exercise of the Note will be subject to resale restrictions for a period of four months from issuance.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1993 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

For more information about Ascot, please refer to the company’s profile on SEDAR at www.sedar.com.

About Ascot Resources Ltd.
Ascot is a gold and silver focused exploration company with a portfolio of advanced and grassroots projects in the Golden Triangle region of British Columbia. The company’s flagship Premier project is a near-term high-grade advanced exploration project with large upside potential. Ascot is poised to be the next Golden Triangle producer with an experienced and successful exploration, development and operating team, coupled with a highly regarded major shareholder.

On behalf of the Board of Directors of Ascot Resources Ltd.
“Derek C. White”
President & CEO

For further information, please contact:
Kristina Howe, VP, Investor Relations
Tel: 778-725-1060 ext. 1019
Email: khowe@ascotgold.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements.  Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding the anticipated use of proceeds of the Note are forward-looking statements. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from Ascot’s expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Ascot does not undertake any obligation to update forward-looking statements except as required by applicable securities laws.  Investors should not place undue reliance on forward-looking statements.