Ascendant Resources Inc. (TSX: ASND) ("Ascendant"
or the "Company") is pleased to announce a non-brokered private
placement for aggregate gross proceeds of approximately C$2 million
(the "Offering"). The Company intends to issue approximately 8.33
million units of the Company (each a "Unit") at a price of C$0.24
per Unit. Each Unit is comprised of one common share of the Company
(each, a "Common Share") and one-half of one common share purchase
warrant (each whole warrant, a "Warrant"), with each Warrant
exercisable to acquire one Common Share at a price of C$0.40 for a
24-month period following the closing date of the
Offering.
The Company expects to close the Offering on or
about October 27, 2021, and may elect to close the Offering in one
or more tranches. The Offering is subject to customary conditions
including, but not limited to, the receipt of all necessary
approvals, including the approval of the Toronto Stock Exchange, as
well as the satisfaction of other customary closing conditions. The
Company intends to use the net proceeds from the Offering to
advance the Lagoa Salgada project as well as for working capital
and general corporate purposes.
The Units will be offered on a private placement
basis pursuant to the "accredited investor" exemption or other
available and agreed upon exemptions from prospectus requirements.
The Units, including all underlying securities thereof, will have a
hold period of four months and one day from the date of issue.
The securities have not been and will not be
registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in the United States absent registration
or an applicable exemption from the registration requirements. This
press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
About Ascendant Resources
Inc.
Ascendant is a Toronto-based mining company
focused on the exploration and development of the highly
prospective Lagoa Salgada VMS project located on the prolific
Iberian Pyrite Belt in Portugal. Through focused exploration and
aggressive development plans, the Company aims to unlock the
inherent potential of the project, maximizing value creation for
shareholders.
Lagoa Salgada contains over 10.33 million tonnes
of Measured and Indicated Resources @ 9.06 % ZnEq and 2.50 million
tonnes of Inferred Resources @ 5.93 % ZnEq in the North Zone; and
4.42 million tones of Indicated Resources @ 1.50 % CuEq and 10.83
million tonnes of Inferred resources @ 1.35 % CuEq in the South
Zone at Venda Nova. The 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 10,700ha property concession. The project
also demonstrates compelling economics with scalability for future
resource growth in the results of the Preliminary Economic
Assessment. Located just 80km from Lisbon, Lagoa Salgada is easily
accessible by road and surrounded by exceptional Infrastructure.
Ascendant holds a 21.25% interest in the Lagoa Salgada project
through its 25% position in Redcorp - Empreendimentos Mineiros,
Lda, ("Redcorp") and has an earn-in opportunity to increase its
interest in the project to 80%. Mineral & Financial Investments
Limited owns the additional 75% of Redcorp. The remaining 15% of
the project is held by Empresa de Desenvolvimento Mineiro, S.A., a
Portuguese Government owned company supporting the strategic
development of the country's mining sector. The Company's interest
in the Lagoa Salgada project offers a low-cost entry to a
potentially significant exploration and development opportunity,
already demonstrating its mineable scale.
The Company's common shares are principally
listed on the Toronto Stock Exchange under the symbol "ASND". For
more information on Ascendant, please visit our website at
www.ascendantresources.com.
Additional information relating to the Company,
including the Preliminary Economic Assessment referenced in this
news release, is available on SEDAR at www.sedar.com.
Neither the Toronto Stock Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX) accepts responsibility for the adequacy or
accuracy of this release.
For further information please
contact:
Mark Brennan |
Nicholas Campbell, CFA |
CEO, Executive Chairman, Founder |
Manager, Corporate Development |
Tel: +1-647-796-0023 |
Tel: +1-905-630-0148 |
mbrennan@ascendantresources.com |
ncampbell@ascendantresources.com |
Forward Looking Information
This news release contains "forward-looking
statements" and "forward-looking information" (collectively,
"forward-looking information") within the meaning of applicable
Canadian securities legislation. All information contained in this
news release, other than statements of current and historical fact,
is forward-looking information. Often, but not always,
forward-looking information can be identified by the use of words
such as "plans", "expects", "budget", "guidance", "scheduled",
"estimates", "forecasts", "strategy", "target", "intends",
"objective", "goal", "understands", "anticipates" and "believes"
(and variations of these or similar words) and statements that
certain actions, events or results "may", "could", "would",
"should", "might" "occur" or "be achieved" or "will be taken" (and
variations of these or similar expressions). Forward-looking
information is also identifiable in statements of currently
occurring matters which may continue in the future, such as
"providing the Company with", "is currently", "allows/allowing
for", "will advance" or "continues to" or other statements that may
be stated in the present tense with future implications. All of the
forward-looking information in this news release is qualified by
this cautionary note.
Forward-looking information in this news release
includes, but is not limited to, statements regarding the
exploration activities and the results of such activities at the
Lagoa Salgada Project, the ability of the Company to advance the
Lagoa Salgada Project to a Preliminary Economic Assessment, the
ability of the Company to fund the exploration with funds from
operations, and the ability of the Company to complete the
Offering. Forward-looking information is based on, among other
things, opinions, assumptions, estimates and analyses that, while
considered reasonable by Ascendant at the date the forward-looking
information is provided, inherently are subject to significant
risks, uncertainties, contingencies and other factors that may
cause actual results and events to be materially different from
those expressed or implied by the forward-looking information. The
material factors or assumptions that Ascendant identified and were
applied by Ascendant in drawing conclusions or making forecasts or
projections set out in the forward-looking information include, but
are not limited to, the success of the exploration activities at
Lagoa Salgada Project, the Company advancing the project to a
Preliminary Economic Assessment, the ability of the Company to fund
the exploration program at Lagoa Salgada with funds from
operations, and other events that may affect Ascendant's ability to
develop its project; and no significant and continuing adverse
changes in general economic conditions or conditions in the
financial markets.
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