Ascot Resources closes $14.87-million rights offering

Executive Summary

• Ascot Resources Ltd. has closed its previously announced rights offering, resulting in the issuance of 1,487,151,720 common shares.
• The offering was oversubscribed, with shareholders exercising additional subscription privileges, but no shares were issued to the standby purchaser.
• Net proceeds will be used to settle outstanding amounts owed to the company's creditors.

Key Details

• Transaction Structure: Rights offering closed; shareholders exercised rights to acquire common shares.
• Shares Issued: 1,487,151,720 common shares issued in total.
  • 989,914,059 shares issued pursuant to basic subscription privilege.
  • 497,237,661 shares issued pursuant to additional subscription privilege.
• Subscription Price: $0.01 per common share.
• Gross Proceeds: $14,871,517.
• Insider Participation: Approximately 48.53% of the total common shares were issued to persons who were insiders prior to the closing; no new insiders were created.
• Oversubscription Details: Shareholders subscribed for rights to purchase approximately 2,116,855,740 common shares. This exceeded the maximum subscription amount by approximately $6,297,040.
• Standby Purchaser: No common shares or fees were paid to the standby purchaser due to the oversubscription.
• Post-Closing Share Count: Total common shares outstanding following the closing is 2,974,731,882.
• Use of Proceeds: Net proceeds intended to settle outstanding amounts owed to creditors.
• Share Consolidation: The effective date of the previously announced share consolidation is Dec. 16, 2025.