Ascot Resources Ltd. (TSXV:AOT) announced that it has signed a term sheet to issue convertible note for gross proceeds of $10,000,000 on January 7, 2019. The notes will bear an interest rate of 8% if paid in cash and 8.5% if paid in common shares and will mature on January 18, 2021. The note is convertible into common shares at a price of $1.50 per share. The transaction is subject to approval from TSX Venture Exchange. The transaction will include participation from 2 placees including Sprott Resource Lending Corp., $8.83 million, and Resource Capital Investment Corporation, for $1.17 million. The conversion shares issuable on exercise of the Note will be subject to resale restrictions for a period of four months from issuance.