Canadian mining firm Ascot Resources (TSX:AOT,OTCQX:AOTVF) is pressing forward with a financing strategy aimed at getting back on course at its Premier Northern Lights and Big Missouri mines.
The company said on Monday (November 11) that it has applied to the Toronto Stock Exchange (TSX) for a financial hardship exemption. This would allow it to secure financing under conditions that typically require shareholder approval.
With a combined target of approximately C$52 million, Ascot said it is looking to advance the development of Premier Northern Lights, restart the mill at the site and restart the Big Missouri mine.
Ascot poured its first gold at BC-based Premier Northern Lights in April, and said at the time that the asset was expected to start commercial production in the third quarter of this year. However, at the beginning of September, the company suspended operations, saying that it needed to focus on mine development in order…
