AOT Ascot Resources Ltd

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Ascot Resources Ltd. (TSX VENTURE:AOT) (the "Company") is pleased to announce
that it has entered into an agreement to complete a brokered private placement
financing (the "Offering"), on commercially reasonable efforts agency basis,
through a syndicate of agents led by Jones Gable & Company Limited and Primary
Capital Inc. (the "Agents"). The Offering provides for the issue of up to
2,777,778 flow-through units ("FT Units") at $0.90 per FT Unit for gross
proceeds of $2,500,000 and up to 6,329,114 hard dollar units ("HD Units") at
$0.79 per HD Unit for gross proceeds of up to $5,000,000. Macquarie Private
Wealth Inc. will be entitled to place up to 2,222,223 of the FT Units. Each FT
Unit will consist of one common share and one-half of one non-transferable
common share purchase warrant. Each warrant from the FT Units will be
exercisable for an additional common share of the Company for a period of 24
months from the date of closing ("Closing Date") at a price of $1.00 per share.
Each HD Unit will consist of one common share and one non-transferable common
share purchase warrant. Each warrant from the HD Units will be exercisable for
an additional common share of the Company for a period of 24 months from the
date of closing ("Closing Date") at a price of $0.95 per share. In the event
that the daily volume weighted average price of the Company's Common Shares on
the TSX Venture Exchange is greater than $1.60 per share for a period of 20
consecutive trading days at any time after four months and one day after the
Closing Date, the Company may accelerate the expiry date of all the warrants by
giving notice to the holders thereof and in such case the warrants will expire
on the 30th day after the date on which such notice is given by the Company.


In connection with the Offering, the Underwriters will receive a cash commission
equal to 7.5% of the gross proceeds raised under the Offering plus compensation
options ("Compensation Options") equal to 7.5% of the number of HD Units and FT
Units sold under the Offering. The Compensation Options will be exercisable into
HD Units at a price of $0.79 per HD Unit for a period of 24 months from closing.


Closing of the Offering is scheduled to occur on or about May 12, 2010. All
securities issued will be subject to a four month hold period. The Offering is
subject to a number of conditions, including, without limitation, receipt of all
regulatory approvals.


Net proceeds from the HD Units will be used to explore the Company's Mt.
Margaret property and for working capital. Proceeds from FT Units will be used
for exploration expenditures which will constitute Canadian exploration expenses
(as defined in the Income Tax Act (Canada)) and will be renounced for the 2010
income tax year. These expenditures will be primarily on the Company's Premier
and Dilworth properties.


These securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act") and may
not be offered or sold in the United States or to U.S. persons (as defined in
Regulation S under the U.S. Securities Act) absent registration or an applicable
exemption from registration requirements.


On Behalf of the Board of Directors

ASCOT RESOURCES LTD.

John A. Toffan, President and Director

Cautionary Statement Regarding Forward-Looking Information

All statements, trend analysis and other information contained in this press
release relative to markets about anticipated future events or results
constitute forward-looking statements. Forward-looking statements are often, but
not always, identified by the use of words such as "seek", "anticipate",
"believe", "plan", "estimate", "expect" and "intend" and statements that an
event or result "may", "will", "should", "could" or "might" occur or be achieved
and other similar expressions. All statements, other than statements of
historical fact, included herein, including, without limitation; the completion
of the Offering on the terms set forth herein, the anticipated closing date of
the Offering and the use of proceeds from the Offering are forward looking
statements. Forward-looking statements are subject to business and economic
risks and uncertainties and other factors that could cause actual results of
operations to differ materially from those contained in the forward-looking
statements. Important factors that could cause actual results to differ
materially from the Company's expectations include fluctuations in commodity
prices and currency exchange rates; uncertainties relating to interpretation of
drill results and the geology, continuity and grade of mineral deposits; the
need for cooperation of government agencies and native groups in the exploration
and development of properties and the issuance of required permits; the need to
obtain additional financing to develop properties and uncertainty as to the
availability and terms of future financing; the possibility of delay in
exploration or development programs and uncertainty of meeting anticipated
program milestones; and uncertainty as to timely availability of permits and
other governmental approvals. Forward-looking statements are based on estimates
and opinions of management at the date the statements are made. The Company does
not undertake any obligation to update forward-looking statements except as
required by applicable securities laws. Investors should not place undue
reliance on forward-looking statements.

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