Business
Aston Bay Holdings Announces Closing of a Private Placement and Issuance of Shares in Settlement of Debt
(via Thenewswire.ca) Vancouver, British Columbia / TheNewswire / July 13, 2015 - Ast...
About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"Aston Bay Holdings Announces Closing of a Private Placement and Issuance of Shares in Settlement of Debt(via Thenewswire.ca)\n\n \nVancouver, British Columbia / TheNewswire / July 13, 2015 - Aston Bay Holdings Ltd. (TSX-V: BAY) (\"Aston Bay\" or the \"Company\") is pleased to announce that it has closed the non-brokered private placement previously announced on May 26, 2015 (the \"Offering\"). \n\n\n \n\n\n\n \nPursuant to the Offering, the Company has issued 4,485,000 non-flow-through units (each a \"NFT Unit\") at a price of $0.10 per NFT Unit, and 1,530,000 flow-through units (each a \"FT Unit\") at a price of $0.125 per FT Unit, for aggregate gross proceeds of $639,750. \n\n\n \n\n\n\n \nEach NFT Unit consists of one common share of the Company and one-half of one non-transferable share purchase warrant (each whole warrant being referred to as a \"Warrant\"). Each FT Unit consists of one common share issued on a flow-through basis pursuant to the Canada Income Tax Act and one-half of one Warrant. Each Warrant entitles the holder to acquire an additional non-flow-through common share of the Company at a per share exercise price of $0.15 until January 13, 2018, subject to accelerated expiry in certain circumstances.\n\n\n \n\n\n\n \nNo finder's fees were paid in connection with the Offering.\n\n \n \nProceeds of this Offering will be used for advancing the Storm Copper and Seal Zinc Projects and for general corporate purposes.\n\n \n \nCertain insiders of the Company participated in the Offering. In particular, Eric Norton, the Chief Executive Officer of Commander Resources Ltd., an insider of the Company by virtue of its percentage shareholdings in the Company prior to closing of the Offering, participated in the Offering resulting in related party considerations pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction insofar as the transaction involved interested parties did not exceed 25% of the Company's market capitalization.\n\n \n \nFurther, as previously ...