Business
Aston Bay Holdings Amends Strategic Deal for Drilling Equipment, Retains Renmark Financial Communications
(via Thenewswire.ca) Vancouver, British Columbia / TNW-ACCESSWIRE / June 11, 2014 - As...
About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"Aston Bay Holdings Amends Strategic Deal for Drilling Equipment, Retains Renmark Financial Communications(via Thenewswire.ca)\n\n \nVancouver, British Columbia / TNW-ACCESSWIRE / June 11, 2014 - Aston Bay Holdings Ltd. (TSX-V: BAY) (\"Aston Bay\" or the \"Company\") is pleased to announce that further to its news release of April 24, 2014, the Company has amended the Memorandum of Understanding (\"MOU\") with Lyncorp International Ltd. (\"Lyncorp\"), a company wholly-owned by David Mullen, to purchase equipment including four Christensen CS10 Core Drills and all associated equipment (the \"Equipment\"). \n\n \n \nAston Bay and Lyncorp have agreed to modify the payment terms, such that the Company will pay $300,000 in cash by July 10, 2014; $325,000 in cash by August 10, 2014; and $375,000 in cash or stock (valued on the previous 10-day weighted average prior to the date of payment), which is to be made by July 10, 2015. The amended payment terms allow for less effective dilution of the Company's stock, which is currently trading higher than on the date of the original MOU. \n\n\n \n\n\n\n \nThe closing of the transaction will now take place after the end of the period of exclusivity between the Company and a major mining company, as previously announced on May 26, 2014.\n\n \n \nThe amended MOU will be superseded by a definitive agreement that will be entered into by Aston Bay and Lyncorp, and will be subject to receipt of TSX Venture Exchange approval. Closing of the acquisition is also subject to, among other things, receipt of an appraisal for the Equipment and confirmation that title to the Equipment is in good standing. A submission for TSX Venture Exchange approval for the acquisition of the Equipment will be made following the execution of a definitive agreement and the completion of an appraisal, as noted above.\n\n \n \nIn addition, Aston Bay has retained the services of Renmark Financial Communications Inc. (\"Renmark\") to handle its investor relations activities.\n\n \n \nRenmark was founded in 1999 by Henri Perron and has a head office located in Montreal, Quebec. Renmark is a full service investor relations firm representing public companies trading on all major North American exchanges with a team of approximately 40 investor relations professionals. \n\n \n \nRenmark will provide to the Company investor relations...