Aston Bay Closes First Tranche of Non-Brokered Private Placement

About this update from Aston Bay Holdings Ltd.

[{"type":"text","content":"Aston Bay Closes First Tranche of Non-Brokered Private PlacementTORONTO, ON / ACCESSWIRE / December 21, 2021 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) (\"Aston Bay\" or the \"Company\") is pleased to announce that it has closed a first tranche of the Company's non-brokered private placement, previously announced on November 29, 2021 (the \"Offering\"). Pursuant to this first tranche of the Offering, the Company has issued 13,473,500 units (each a \"Unit\") at a price of $0.06 per Unit, for aggregate gross proceeds of $808,410. The closing is subject to final acceptance of the TSX Venture Exchange.Units continue to be available as part of the Offering, in which the Company may raise up to an additional $1,191,590. The Company expects to close a second tranche of the Offering in early 2022. Each Unit consists of one common share of the Company and one full warrant (a \"Warrant\"). Each Warrant will entitle the holder thereof to acquire an additional common share of the Company at an exercise price of $0.12 per Warrant for a period of 24 months from the date of issuance.In connection with the closing of the first tranche of the Offering, Aston Bay has paid aggregate cash finder's fees of $28,926 to three arm's length finders, representing 6% of the proceeds raised from subscriptions by certain placees introduced by the finders. The Company has issued to the finders share purchase warrants (the \"Finder's Warrants\") entitling the purchase of an aggregate 482,100 common shares, on the same terms as the Warrants.All shares acquired by the placees under the first tranche of the Offering, and shares which may be acquired upon the exercise of the Warrants and the Finder's Warrants, are subject to a hold period until April 22, 2022, in accordance with applicable Canadian securities legislation. Warrants and Finder's Warrants issued in the first tranche of the Offering are exercisable at $0.12 to purchase one common share of the Company until December 21, 2023.Proceeds of this Offering will be used for exploration on Mountain Base Metals, Brownfields Gold and Buckingham Gold Properties in Virginia, USA and for general corporate purposes.One insider of the Company participated in this first tranche of the Offering, which resulted in related party considerations pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument...

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