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Aston Bay Holdings Announces Fully Subscribed Non-Brokered Private Placement; Additional Drilling Planned at Buckingham Gold Project, Virginia
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About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"Aston Bay Holdings Announces Fully Subscribed Non-Brokered Private Placement; Additional Drilling Planned at Buckingham Gold Project, VirginiaThis press release is not for distribution in the United States or to U.S. news agenciesTORONTO, ON / ACCESSWIRE / May 20, 2020 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) (\"Aston Bay\" or the \"Company\") announces a non-brokered private placement (the \"Offering\"), subject to the approval of the TSX Venture Exchange (the \"Exchange\"), for aggregate gross proceeds of $600,000. This fully subscribed placement is in response to strong interest following closing of the first tranche of the previous private placement (see February 28, 2020 Aston Bay news release) and supersedes that placement, which expired under regulatory guidelines. The funds raised under this placement will permit the Company to move to the next phase of exploration, including drilling, at the Company's Buckingham Gold Project in Virginia, USA, this summer.The Offering will consist of units (the \"Units\") at a price of $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 its Buckingham Gold Property in Virginia, USA ($400,000) and (ii) general working capital ($200,000). Although the Company intends to use the proceeds of the Offering as describe...