Ascot Resources Ltd. announced a brokered private placement of 5,100,000 hard dollar units at a price of CAD 1.02 per hard dollar unit for gross proceeds of CAD 5,202,000; 14,590,000 flow through units at a price of CAD 1.255 per flow through unit for gross proceeds of CAD 18,310,450, and 3,240,000 flow-through common shares at a price of CAD 1.13 per flow-through share for gross proceeds of CAD 3,661,200, for aggregate gross proceeds of CAD 27,173,650 on February 14, 2022. The transaction will include participation from majority of company's named executive officers and Board of Directors for an amount exceeding CAD 500,000 in aggregate. Each hard dollar unit and flow through unit will be comprised of one common share and one half of one common share purchase warrant with each warrant entitling the holder to purchase one common share at a price of CAD 1.25 for a period of 24 months subject to acceleration.

The Offered Shares will be offered pursuant to a prospectus supplement to be filed in all of the provinces and territories of Canada, other than Quebec. The hard dollar unit, flow through units and flow through shares will be offered by way of private placement pursuant to applicable prospectus exemptions and will be subject to hold periods in accordance with applicable securities laws. The hard dollar unit, flow through units and flow through shares shall be subject to a four-month hold period in Canada.

The company has granted the underwriters an option, exercisable, in whole or in part, at any time until 48 hours prior to the closing of the transaction, to purchase such number of hard dollar unit that is equal to 15% of the offered securities sold pursuant to the offering to cover over-allotments, if any. The transaction is expected to close on or about March 8, 2022 and is subject to the company receiving all necessary regulatory approvals, including the approval of the Toronto Stock Exchange.