08:00 AM EDT, 10/22/2024 (MT Newswires) -- Ascot Resources ( AOTVF ) said Tuesday that it is increasing its previously announced private placement to $42 million from a previous range of $25 million to $35 million.

Ascot said it will use the proceeds to advance development of the PNL mine and restart the BM mine. Closing of the financing is expected Nov. 18.

The company plans to restart mill operations in the second quarter of 2025 so that the mill can be sustainably fed with ore from both mines.

Ascot's share price rose 14% yesterday to $0.21 on the TSX.