01:53 PM EDT, 07/09/2024 (MT Newswires) -- Ascot Resources ( AOTVF ) was last seen down 11% after the company on Tuesday said it is upsizing a bought-deal offering of flow-through and common share units to $29 million from its original $20-million target due to strong demand.

The company now plans to sell an underwriting syndicate 30.24-million units, with each priced at $0.496 and made up of a tax-advantaged share and a two-year warrant to buy a common share for $0.52. It is also selling 32.56-million common share units priced at $0.43 and made up of a share and a warrant with the same terms.

It also granted the underwriters an over-allotment option of a further 11.53-million common-share units.

"The net proceeds raised pursuant to the issuance of the (common-share) units will be used for the ongoing commissioning and ramp-up of the Premier Gold Mine, for additional working capital, and for general corporate purposes," the company said.

Ascot shares were last seen down $0.05 to $0.425 on the Toronto Stock Exchange.

Price: 0.43, Change: -0.05, Percent Change: -10.53