Toronto-listed Ascot Resources has closed a C$200-million financing package for the construction of the Premier Gold Project (PGP), in British Columbia, which will allow the company to remobilse contractors to the site.
The package consists of $110-million as a deposit in respect of gold and silver streamlining agreements with Sprott Private Resource Streaming and Royalty B and a strategic equity investment by Ccori Apu of C$45-million, a portion of which will be structured as Canadian Development Expenditures flow-through shares, such that the total gross proceeds to the company is C$50-million.
“We commend our financing partners Sprott Streaming and Ccori Apu for working diligently over the past month to expeditiously close the C$200-million financing package. We view the financing package as attractive as it preserves Ascot’s operational flexibility and enables the company to advance towards production with minimal debt,” said president and CEO Derek White.
With the finance package closed, Ascot is able to proceed with remobilising of contractors for project construction in 2023 ahead of initial gold production, which is anticipated in early 2024.