Ascendant C closes first trench for $ 3.5 million non-brocard private placement

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Funds to secure 50% ownership of Lagoa Salgadar

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Toronto, May 20, 2022 (Globe Newswire) – Ascending
Resources
Inc. (TSX: ASND) (“Ascendant” or “Company”) is pleased to announce the closure of the first tranche (“First Trench”) of its non-brokerage private placement (“Offer”) announced on May 13, 2022 to complete the offer. The second and final episode is expected to close on or around May 25, 2022.

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Under the first phase, the company has issued 14,416,893 ordinary shares of the company at an offer price of C $ 0.20 per share (“offering price”) for an overall earnings of C $ 2,883,378.60. The Company intends to use the proceeds from the offer to meet the requirements for raising the ownership of the Lagoa Salgada Project to 50%, to advance the Lagoa Salgada Feasibility Study, and to earn alternative payments to be used for working capital. General corporate purpose.

Securities issued in the first tranche of individuals subject to the Canadian Securities Act are subject to a hold period of four months and one day under the applicable securities law. Some other securities were issued to persons in the offshore jurisdiction under Ontario Securities Commission Rules 72-503 – Delivery
Outside
Canada And such securities are not subject to a statutory hold period.

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Insiders of the company have subscribed for a total of 9,766,893 ordinary shares at offer price for a total earnings of C $ 1,953,378.60. The participation of insiders in the offer constitutes a transaction of the parties concerned, as defined in Multilateral Materials 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relies on exemptions from the formal appraisal and minority shareholder approval requirements under Sections 5.5 (a) and 5.7 (1) (a) of 61-101 as the fair market value of securities issued to such insiders does not exceed 25%. The market capitalization of the company. The company did not submit a material change report 21 days prior to the offer closing because details of the offer and participation of company insiders were not confirmed at that time.

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Ascendant Resources Inc.
Ascendant is a Toronto-based mining company focused on the exploration and development of the highly potential Lagoa Salgada VMS project, located in Portugal’s vast Iberian pyrite belt. Through focused exploration and aggressive development planning, the company’s goal is to unlock the underlying potential of the project, creating maximum value for shareholders.

The Venda Nova Deposit in Lagoa Salgada has 10.33 million tons of measured and indicated assets @ 9.06% ZnEq and 2.50 million tons Estimated assets @ 5.93% ZnEq in the northern region; And 1.50% CuEq @ 4.42 million tons of indicated assets and 1.35% CuEq @ 10.83 million tons of estimated assets in the southern region. Deposits The Iberian pyrite belt containing zinc, copper, lead, tin, silver and gold exhibits the general mineralization properties of VMS deposits. Extensive exploration across large 10,700ha property discounts has both near-reverse potential deposits and potential step-out targets. The project also demonstrates attractive economies with scalability for future wealth growth as a result of initial economic assessment. Located just 80 km from Lisbon, Lagoa is easily accessible by Salgada Road and surrounded by exceptional infrastructure. Ascendant holds 21.25% interest in the Lagoa Salgada project through a 25% position of Redcorp-Emprendimentos Miniros, LDA, (“Redcorp”) and has an earning opportunity to increase its interest in the project to 80%. Mineral & Financial Investments Limited owns an additional 75% of Redcorp. The remaining 15% of the project is owned by Empresa de Desenvolvimento Mineiro, SA, a Portuguese government-owned company that supports the strategic development of the country’s mining sector. The company’s interest in the Lagoa Salgada project offers a potentially significant exploration and low-cost access to development opportunities, already demonstrating its excavable scale.

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The company’s common shares are listed primarily on the Toronto Stock Exchange under the “ASND” sign. For more information on climbing, please visit our website www.ascendantresources.com.

Additional information about the company, including the initial economic assessment mentioned in this press release, is available at SEDAR at www.sedar.com.

Neither the Toronto Stock Exchange nor its regulatory service provider (as the term is defined in TSX’s policy) accepts responsibility for the adequacy or accuracy of this disclosure.

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Forward looking information

The meanings of the Canadian Securities Act applicable to this news release include “foresight statement” and “forward information” (collectively, “face to face information”). All information contained in this press release, except statements of current and historical facts, is expected information. Often, but not always, forward information can be identified using terms such as “plan”, “expectation”, “budget”, “direction”, “scheduled”, “assumption”, “forecast”, “strategy”. ”,“ Goal ”,“ purpose ”,“ purpose ”,“ goal ”,“ understands ”,“ assumes ”and“ believes ”(and the variation of these or similar words) and statements that are some action, event or result “Can”, “can”, “will”, “should”, “can”, “can happen” or “will be achieved” or “will be accepted” (and variations of this or similar expressions). The information on the front is also identifiable in statements of current events that may occur in the future, such as “provided to the company”, “currently available”, “permitting / permitting”, “will proceed” or “continue” or other statements with future implications in the present. Can be said. All advance notice of this news release is eligible by this warning note.

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This news release includes, but is not limited to, information about the offer, including the use of the company’s purposeful earnings and the completion of future offers of the offer, exploration activities and the results of such activities in the adjoining Salgado. The project, the company’s ability to move the Lagoa Salgada project to potential, and the company’s ability to explore with funding from operations. Foresight information is, among other things, based on opinions, assumptions, conjectures and analyzes that, as long as pre-vision information is provided, it is considered reasonable by Ascendant, subject to inherently significant risks, uncertainties, contingencies and other factors that are real. Results and events may differ materially from implicit or implicit information. The material factors or assumptions identified by Ascendant and applied by Ascendant to draw conclusions or to make predictions or assumptions include, but are not limited to, the success of the Lagoa Salgada Project, the research activity in the company. Advancing the project to a preliminary economic assessment, the company’s ability to fund exploration activities in Lagos Salgada with funding from operations, and other events that may affect Ascendant’s project development ability; And there is no significant and persistent adverse change in the general economic condition or conditions in the financial markets.