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Source: Ascendant Resources Inc.
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  • Ascendant Resources (ASND) has closed its non-brokered private placement for gross proceeds of approximately $3.16 million
  • The company issued 13,149,665 units at a price of C$0.24 per unit
  • Ascendant intends to use the net proceeds to advance the Lagoa Salgada project
  • Ascendant is a Toronto-based mining company
  • Ascendant Resources Inc. (ASND) opened trading at C$0.235 per share

Ascendant Resources (ASND) has closed its previously announced non-brokered private placement for gross proceeds of approximately $3.16 million.

The company issued 13,149,665 units at a price of C$0.24 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant can be exercised to acquire one common share at a price of C$0.40 for a 24-month period following the closing date of the offering.

The company intends to use the net proceeds to advance the Lagoa Salgada project as well as for working capital and general corporate purposes.

Mark Brennan, Executive Chairman and Founder, commented on the success of the offering.
“We are extremely pleased with the demand to participate in the offering and the resulting increase from C$2 million to C$3.16 million. The proceeds will be beneficial in continuing to develop and unlock the value residing at Lagoa Salgada.”

In connection with the offering, the company paid finder’s fees totalling C$39,560.

Insiders of the company subscribed for a total of 100,000 units for total gross proceeds of $24,000.

Ascendant is a Toronto-based mining company focused on the exploration and development of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal.

Ascendant Resources Inc. (ASND) opened trading at C$0.235 per share.

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