Ascendant Resources Inc said it has closed its previously announced non-brokered private placement under which it sold 13,149,665 units of the company for C$0.24 per unit, for aggregate gross proceeds of C$3.16 million.
Each unit comprised one common share of the company and one-half of one common share purchase warrant, with each warrant being exercisable to acquire one common share at C$0.40 for the next 24 months.
"We are extremely pleased with the demand to participate in the offering and the resulting increase from C$2 million to C$3.16 million. The proceeds will be beneficial in continuing to develop and unlock the value residing at Lagoa Salgada," said Mark Brennan, CEO of Ascendant in a statement.
READ: Ascendant Resources files technical report for Lagoa Salgada project in Portugal
The Toronto-based exploration company told its investors that it paid certain arm's length finders cash fees in the aggregate amount of C$39,560 in connection with the offering.
Furthermore, an insider of the company subscribed for a total of 100,000 units for total gross proceeds of C$24,000 under the offering.
Ascendant is a mining company focused on exploring and developing the highly prospective Lagoa Salgada volcanogenic massive sulphide (VMS) project located on the prolific Iberian Pyrite Belt in Portugal. Through focused exploration and aggressive development plans, the company aims to unlock the potential of the project, maximizing value creation for shareholders.
The company said that the Lagoa Salgada deposit demonstrates typical mineralization characteristics of Iberian Pyrite Belt VMS deposits containing zinc, copper, lead, tin, silver, and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 10,700-hectare property concession.
Contact Ritika at ritika@proactiveinvestors.com