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Aston Bay Holdings Announces Non-Brokered Private Placement and Share Consolidation
(NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.) TORONTO, O...
About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"Aston Bay Holdings Announces Non-Brokered Private Placement and Share Consolidation(NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.)TORONTO, ON / ACCESSWIRE / May 17, 2023 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) (\"Aston Bay\" or the \"Company\") today announced that it will conduct a non-brokered private placement (the \"Offering\"), subject to acceptance by the TSX Venture Exchange (the \"Exchange\"), for aggregate gross proceeds of up to $2,000,000. In addition, Aston Bay plans to consolidate the Company's common shares (\"Common Shares\") on the basis of one (1) new post-consolidation Common Share for every four (4) pre-consolidation Common Shares (the \"Consolidation\") immediately prior to the closing of the Offering.FinancingThe Offering will consist, on a post-Consolidation basis, of units (the \"Units\") at a price of $0.15 per Unit. Each Unit will consist of one Common Share and one warrant (the \"Warrant\"), with each Warrant entitling the holder thereof to acquire an additional Common Share (the \"Warrant Share\") at an exercise price of $0.32 per Warrant Share for a period of 18 months from the date of issuance. The net proceeds of the offering will be used for exploration at the Company's gold and base metals projects in Virginia, and other potential projects in the USA and for general working capital purposes.The Company anticipates that current insiders of the Company may participate in the Offering. Subject to Exchange approval, finder's fees may be paid to persons who introduce the Company to investors. The Offering may be closed in one or more tranches as subscriptions are received.All securities issued pursuant to the Offering will be subject to statutory hold periods in accordance with applicable United States and Canadian securities laws.The securities offered have not been registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any state securities laws and may not be offered or sold absent registration or compliance with an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.ConsolidationThe board of directors of the Company has approved the Consolidation of all of Aston Bay's outstanding Common Shares on the basis of four (4) pre-Consolidation Comm...