Ascot Mining secures US$4.5 mln loan financing from Equita Global

Ascot Mining PLC (PLUS: ASMP, Xetra: AM3.DE) said it has received a loan offer of US$4.5 million from private equity group Equita Global towards developing its assets.
The funds will be used to complete the development of Ascot's three gold mines in Costa Rica, working capital and for participating in other projects related to its previously stated strategy of rehabilitating commercially attractive properties.
The company continues its talks with Mineral Hill Industries Ltd (TSX-V: MHI) regarding a potential strategic alliance - announced earlier this month - and will report further in due course, it said.

Equita Global specialises in providing funding for development, infrastructure and renewable energy projects.  Ascot quoted Equita’s mission statement as saying "We only work on projects we truly believe are commercially viable, so that we may continue to strengthen our name in the industry by aligning ourselves with excellent and strategic partners."

Equita managing  director Oliver Hickey commented that "with Ascot Mining we believe we have not only secured an excellent partner, but we see this as not just as an investment from passive partners but a gesture from our company  to secure a longstanding and mutually beneficial arrangement for all parties moving forward”.
“Equita Global has long been a believer in the profitability of the Costa Rica region and further to this we were impressed with the strategic focus on three sites identified by Ascot Mining. In addition we have been made aware of the company's future expansion plans and we fully intend to support them to the best of our ability," he added.
The funding will allow Ascot to complete its expansion of the Chassoul mine and mill which will stabilize and increase production of gold.  It will also enable the company to progress the development of the Tres Hermanos, El Recio and other development projects as previously announced.
Ascot CEO David Jackson said: “Ascot has achieved a great deal from inception in late 2007 and subsequentlisting in April 2008 to become a gold mining company with permitted operations and production in Costa Rica. The Company is now poised to implement more meaningful production of gold and we look to the future with confidence".