Business
Aston Bay Holdings Announces $2,000,000 Non-brokered Private Placement and Warrant Extension
TORONTO, ON / ACCESSWIRE / November 29, 2021 / Aston Bay Holdings Ltd. (TSX-V:BAY)(OTCQB:ATB...
About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"Aston Bay Holdings Announces $2,000,000 Non-brokered Private Placement and Warrant ExtensionTORONTO, ON / ACCESSWIRE / November 29, 2021 / Aston Bay Holdings Ltd. (TSX-V:BAY)(OTCQB:ATBHF) (\"Aston Bay\" or the \"Company\") is pleased to announce that it will conduct a non-brokered private placement (the \"Offering\"), subject to the approval of the TSX Venture Exchange (the \"Exchange\"), for aggregate gross proceeds of up to $2,000,000. The Offering will consist of units (the \"Units\") at a price of $0.06 per Unit. The funds raised under this placement will permit the Company to move to the next phase of exploration, including drilling, at the Company's Mountain Base Metals, Brownfields Gold and Buckingham Gold Projects in Virginia, USA, in 2022.The Company also announces its intention, subject to approval of the Exchange, to extend the expiry date of the private placement warrants issued on December 20, 2019 and February 28, 2020 to June 20, 2022.The Offering price will be $0.06 per Unit. Each Unit will consist of one common share of the Company and one full warrant (a \"Warrant\") entitling the holder thereof to acquire an additional common share (the \"Warrant Share\") of the Company at an exercise price of $0.12 per Warrant Share for a period of 24 months from the date of issuance. The Warrants will be subject to acceleration provisions when the volume weighted average trading price is greater than $0.25 for 10 consecutive trading days.The Offering will be conducted pursuant to available prospectus exemptions including sales to accredited investors, family members, close friends and business associates of directors and officers of the Company, to purchasers who have obtained suitability advice from a registered investment dealer pursuant to the exemption set out in BC Instrument 45-536 (the \"Investment Dealer Exemption\") and to existing shareholders of the Company pursuant to the exemption set out in British Columbia Securities Commission BC Instrument 45-534 (the \"Existing Shareholder Exemption\").The Company plans to allocate the gross proceeds of the Offering to: (i) exploration on Mountain Base Metals, Brownfields Gold and Buckingham Gold Projects in Virginia, USA ($1,300,000) and (ii) general working capital ($700,000). Although the Company intends to use the proceeds of the Offering as described above, the actual ...