Ascot Resources jumps on C$200 mln funding for gold project construction

Cambria Gold Mines

12/12/2022 16:13

** Canada-based Ascot Resources Ltd's  AOT.TO  shares up 22%
at C$0.48; biggest pct jump in 32 months, if gains hold
    ** Company arranges C$200 mln ($146.32 mln) for construction
of Premier gold project in northwestern British Columbia
 urn:newsml:reuters.com:*:nGNX8nhmkq
    ** Sprott Streaming will provide to AOT an upfront payment
of $110 mln in return for delivery of 8.75% and 100% of gold and
silver production, respectively
    ** Ccori Apu to invest C$45 mln and get 19.9% pro forma
ownership of AOT common shares upon closing, and right to
nominate two people to AOT's board
    ** Ccori Apu's shareholders are the majority shareholders of
Poderosa, a publicly traded gold mining company listed on the
Lima stock exchange
    ** AOT expects plant pre-commissioning to start in Q4 2023
and first gold pour in early 2024
    ** Accounting for session gains, Ascot shares down 61% YTD
 (Reporting by Arshreet Singh in Bengaluru)
 ((Arshreet.Singh@thomsonreuters.com))