ASCOT MINING PLC: US$10 million Funding Agreed

ASCOT MINING PLC                                 
                     US$10 MILLION FUNDING AGREED                           
London: 23 January 2013. Ascot Mining Plc (ICAP-ISDX: ASMP, Xetra®:,
GXG: ASMP:DD, the "Company") is pleased to announce that the Company has
entered into binding heads of terms with Lewis and Associates Acquisitions
Limited ("Lewis") pursuant to which Lewis has agreed to subscribe for
US$10,000,000 of 6% convertible preference shares of £1.00 each (the
"Preference Shares")(the "Subscription"). 
The Preference Shares will pay an annual interest rate of 6%, and are
convertible into ordinary shares at any time during the five-year term at a
conversion price to be calculated as 75% of the average closing mid-price of
the 30 trading days prior to conversion. The Company shall have the right to
repay the principal amount of any or all of the Preference Shares by giving 30
day's notice of such redemption. 
The Subscription is conditional upon, inter alia, shareholders' special
resolution to be proposed at a general meeting scheduled for 15 February 2013.
A circular to shareholders setting out further information with regards to the
Subscription and attaching a notice of general meeting will be despatched to
shareholders today. 
David Jackson, the Company Chairman, stated: "We are delighted to secure this
commitment for an investment of US$10,000,000 on a closing date in around 4
weeks. This significant funding will enable the Company to clear the debt of
its major current lender, re-commence and greatly expand production, complete
further exploratory work in its resources area and create a significant working
capital position. The Company looks forward to further updating the market in
the coming months as its operations and production grow." 
The Directors take responsibility for this announcement. 
Ascot Mining Plc 
Daniel Stewart & Co Plc 
(Corporate Adviser & Broker) 
Paul Shackleton (Corporate Finance) +44 (0)207 776 6550 
Colin Rowbury (Corporate Broking) +44 (0)207 776 6550 
SVS Securities Plc 
(Joint Broker) 
Ian Callaway / Alex Mattey (Corporate Broking) +44 (0)20 7638 5600 
-0- Jan/23/2013 07:00 GMT
Press spacebar to pause and continue. Press esc to stop.