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 Mon Dec 23, 1996
Report Nov-Dec 1996: Ascot Resources Ltd - 1997 Bottom-Fish 100
    Publisher: Kaiser Research Online
    Author: Copyright 1997 John A Kaiser

 Ascot Resources Ltd (AOT-V)

Iss: 14,000,000
Dil: 18,200,000
WC: $1,500,000
Tel: (604) 684-8950
Story Type: Grassroots exploration
Buy Range: $0.30-$0.49

John Toffan used to be a VSE broker until he scored two huge back-to-back wins in 1988-90 through investments in Delaware and Stikine, both of whose deposits went into profitable production. During the Eskay Creek boom he bought control of Ascot and gave geologists Ken Carter and Ron Nichols the mandate to find an elephant through grassroots exploration. Toffan and his friends (Ron Brimacombe et al) have repeatedly reached into their wallets to fund projects ranging from a diamond hunt near the north pole to gold exploration in Africa's Burkina-Faso, none of which have yielded results sufficient to arouse a market play. Ascot finished the 1996 exploration season with inconclusive results on the Adlatok River project in Labardor and the Koupela project in Burkina-Faso. As a result the stock has slumped back to bottom-fish levels. Ascot did manage to close a brokered private placement of 1,428,750 special warrants at $0.91 announced early April just before Timbuktu shot into orbit and exploded. An EOP was supposed to qualify this stock, but it seems likely that the placees will instead be permitted a 10% bump-up in the stock they are to receive. A flow-thru priv plcmt of 460,000 units at $1.08 was also done with one individual. Management is not saying much about Ascot's plans for 1997, but my suspicion is that Ken Carter will finally convince Toffan to let him go after a major, advanced project. Toffan continues to own at least 3.3 million shares in Ascot, and while bottom-fishers may be getting tired waiting for Ascot to turn into a winner, management has an increasing incentive to make it happen.
 
 

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