Ascot Resources Ltd. announced that it has entered into an agreement with a syndicate of underwriters co-led by BMO Capital Markets and Desjardins Capital Markets on a bought deal basis by way of private placement to issue 56,820,000 Common Shares at an issue price of CAD 0.44 per share for the gross proceeds of CAD 25,000,800 on January 22, 2024. The company will receive gross proceeds of CAD 10,000,000 on a private placement basis pursuant to the listed issuer as Life Tranche and remaining gross proceeds will be sold on a private placement basis pursuant to applicable non-LIFE prospectus exemptions under applicable securities laws The Common Shares issued as part of the Private Placement Tranche, which will include any Common Shares issued in connection with the Underwriters? option, will be subject to a hold period under Canadian securities law expiring four months and one day after the closing date while Common Shares issued as part of the LIFE Tranche will not be subject to a hold period under Canadian securities law.

The Offering is expected to close on or about February 9, 2024 and is subject to the Company receiving all necessary regulatory approvals, including the approval of the TSX.