11:51 AM EDT, 10/22/2024 (MT Newswires) -- Ascot Resources ( AOTVF ) said Tuesday 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 Premier Northern Lights mine and restart the Big Missouri 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 shares were last seen up $0.05 to $0.26 on the Toronto Stock Exchange.

Price: 0.26, Change: +0.05, Percent Change: +23.81