Business
Aston Bay Holdings Announces Terms for Non-Brokered Private Placement
TORONTO, ON / ACCESSWIRE / January 6, 2020 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF)...
About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"Aston Bay Holdings Announces Terms for Non-Brokered Private PlacementTORONTO, ON / ACCESSWIRE / January 6, 2020 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) (\"Aston Bay\" or the \"Company\") announces 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 $1,200,000. In response to increased interest, the Company wishes to make additional Canadian prospectus exemptions available for wider participation by investors in the Offering.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 Offering is not subject to a minimum amount and the maximum offering is 20,000,000 Units for gross proceeds of $1,200,000. Assuming the Offering is fully subscribed, the Company plans to allocate the gross proceeds of the Offering to: (i) exploration on its Buckingham Gold Property in Virginia, USA ($700,000) and (ii) general working capital ($500,000).If the Offering is not fully subscribed, the Company will apply the proceeds to the above uses in priority and in such proportions as the Board of Directors and management of the Company determine is in the best interests of the Company. Although the Company intends to use the proceeds of the Offering as described above, t...