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Ascot Resources said on Monday it plans to raise at least C$40 million to get its Premier gold project in British Columbia’s Golden Triangle back on track after shutting it down just months into its first gold pour.
This funding package, said Ascot chief executive Derek White, will enable the company to undertake mine development activities necessary to advance the Premier Northern Lights and Big Missouri deposits located 25 km from Stewart, BC. Ascot’s shares plummeted to its lowest in over five years following that announcement, and since then has been hovering between C$0.16 and C$0.19 a share. Monday’s financing sent the stock to C$0.22, for a market capitalization of C$155.3 million.
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