Business
Aston Bay Completes Acquisition of Jack's Fork Exploration, Inc.
TORONTO, ON / ACCESSWIRE / November 8, 2018 / Aston Bay Holdings Ltd. (TSX-V: BAY; OTCQB: AT...
About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"Aston Bay Completes Acquisition of Jack's Fork Exploration, Inc.TORONTO, ON / ACCESSWIRE / November 8, 2018 / Aston Bay Holdings Ltd. (TSX-V: BAY; OTCQB: ATBHF) (\"Aston Bay\" or the \"Company\") is pleased to announce the completion of its previously announced transaction to acquire all of the issued and outstanding stock of Jack's Fork Exploration, Inc. (\"JFE\"), a private company incorporated under the laws of the State of Delaware (the \"Acquisition\"). The Acquisition was completed by way of a reverse triangular merger of Blue Ridge Mining, a wholly owned subsidiary of the Company, into JFE, resulting in JFE being renamed \"Blue Ridge Mining\" and becoming a direct and wholly-owned subsidiary of Aston Bay. The new Aston Bay subsidiary will operate the existing business of JFE moving forward.Pursuant to the Acquisition, holders of JFE shares (\"JFE Stockholders\") are entitled to receive 0.57396868 of a common share of Aston Bay (each whole share, an \"Aston Bay Share\") in exchange for each JFE share of common stock held immediately prior to the effective time of the Acquisition, with an aggregate of 12,000,000 Aston Bay shares available to be issued to the JFE Stockholders. All required stockholder and regulatory approvals, including the approval of the TSX Venture Exchange, were obtained in connection with the closing of the Acquisition.Jack's Fork Exploration Inc. President Don Taylor stated \"The closing of the merger is a very significant step for both Aston Bay and JFE shareholders as the closing sets the stage to expand the exposure to great projects and accelerated exploration. As an advisor to the merged Company I am looking forward to testing the numerous quality targets in the portfolio.\"\"In the coming weeks Aston Bay expects to sign agreements with landholders on projects already well advanced by JFE. Coming from Don Taylor, the pedigree of the projects speaks well to their promising exploration potential for both base and precious metals in this underexplored mineralized belt,\" stated Thomas Ullrich, CEO of Aston Bay. \"The company looks forward to presenting more detailed information on these projects in advance of anticipated drill programs in Virginia this winter.\"ABOUT ASTON BAY HOLDINGS LTD.Aston Bay Holdings Ltd. is a publicly traded mineral exploration company exploring for large, high-grade, sedime...