Ascot Announces Closing of the Final Tranche of Private Placement, Raising Aggregate Gross Proceeds of C$175 Million and Appoints Alex Morrison as Chair of the Board of Directors

Executive Summary

• Ascot Resources closed the second and final tranche of its best‑efforts brokered private placement, bringing total gross proceeds to approximately C$175 million.
• The closing included 34.25 M charity flow‑through units at C$0.73 each (≈C$25 M) and 116.41 M hard‑dollar units at C$0.60 each (≈C$69.8 M).
• New non‑executive Chair Alex Morrison was appointed, and the Company granted incentive stock options, restricted share units and deferred share units to directors, officers, employees and consultants.

Key Details

• Offering Structure: 34,246,576 CDE FT Units @ C$0.73/unit (≈C$25 M) + 116,411,520 HD Units @ C$0.60/unit (≈C$69.8 M).
• Total Gross Proceeds: Approximately C$175 million from both tranches combined.
• Warrant Terms: Each unit includes one common share and half a common‑share purchase warrant; warrants exercisable at C$0.85 for 12 months after Dec 30 2026 (first tranche).
• Hold Period: Securities subject to a hold period expiring four months and one day from issuance dates.
• Use of Proceeds – HD Units: Further development of the Premier Gold Mine and Red Mountain project; general corporate purposes.
• Use of Proceeds – CDE FT Units: Eligible Canadian development expenses under the Income Tax Act.
• Agent Compensation: 6 % cash fee on second‑tranche gross proceeds plus issuance of 9,039,485 non‑transferable broker warrants (exercise price $0.60, 24‑month term, expiring Jan 27 2028).
• Chairperson Appointment: Alex Morrison appointed non‑executive Chair effective Jan 27 2026; replaces interim chair Indi Gopinathan.
• Equity Incentive Grants:
• Stock options for 22,300,000 common shares at $1.75 exercise price; vesting over 18 months (25 % on grant, then 25 % semi‑annually), expiring Jan 27 2031 (CEO/directors 24‑month schedule).
• Restricted Share Units (RSUs): 8,430,260 units, vesting equally over three years, first vesting Jan 27 2027.
• Deferred Share Units (DSUs): 740,000 units, same vesting schedule as RSUs.
• Regulatory Notice: Securities not registered under U.S. securities laws; cannot be offered/sold in the United States absent exemption or registration.

Notable Quotes

(No direct quotes were provided in the release.)