Ascendant Resources Completes Initial Phase of Private Placement

Ascendant Resources Inc. has successfully closed the first tranche of its private placement, raising approximately C$2.365 million. This investment will be used to advance the Lagoa Salgada project in Portugal and address short-term financial obligations. Cerrado Gold Inc. acquires a significant share of Ascendant, enhancing financial support for the ongoing project development and related costs.

Through this tranche, Cerrado Gold Inc. increased its stake from 8.78% to 14.5% by investing C$900,000. Sprott Streaming's affiliate also participated, converting deferred interest into equity, leading to Sprott holding 19.9% of Ascendant's shares. Further shareholder backing is expected as 54% support the arrangement, potentially increasing to 58.2% after the second tranche.

This strategic move highlights the importance of shareholder collaboration and efficient debt management for Ascendant's growth and operational stability.