Business
Aston Bay Holdings Closes Commander Agreement to Secure 100% of Storm Property, Closes First Tranche of Private Placement Offering
(via Thenewswire.ca) Vancouver, British Columbia / TheNewswire / February 18, 2016 - Aston...
About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"Aston Bay Holdings Closes Commander Agreement to Secure 100% of Storm Property, Closes First Tranche of Private Placement Offering(via Thenewswire.ca)\n\n \nVancouver, British Columbia / TheNewswire / February 18, 2016 - Aston Bay Holdings Ltd. (TSX-V: BAY) (\"Aston Bay\" or the \"Company\") is pleased to announce that it has completed its purchase of 100% of the Storm Copper Property (\"Storm\") from Commander Resources Ltd. (TSX-V: CMD) (\"Commander\"). The Company has received approval from the TSX Venture Exchange (the \"Exchange\") for the acquisition, conditional upon closing of the first tranche of the private placement described below, and has issued to Commander 11,000,000 common shares (the \"Commander Shares\") in the Company, as described in Aston Bay's news release of December 17, 2015. \n\n\n \n\n\n\n \n\"Closing the Storm Copper Property purchase agreement is a key first step to moving forward on the project,\" said Benjamin Cox, CEO of Aston Bay. \"The consolidation of the Storm property was one of the conditions required for Aston Bay to enter into a contemplated agreement with a major mining company. We believe that this transaction significantly reduces property risk. We thank Commander for working closely with us to maximize Storm's value for all our shareholders.\"\n\n\n \n\n\n\n \nConcurrent with the closing of the Storm acquisition, Aston Bay has also closed a first tranche of its non-brokered private placement, subsequent to its news release of February 1, 2016. \n\n\n \n\n\n\n \nPursuant to this first tranche of the private placement offering (the \"Offering\"), the Company has issued a total of 2,600,000 common shares of the Company (the \"Shares\") at a price of $0.20 per Share, for gross proceeds of $520,000. Insiders of the Company have participated in the Offering. Finder's fees of $18,200 were paid by the issuance of 91,000 common shares to an arms' length party at a deemed per share price of $0.20 in connection with one subscription in the first tranche of the Offering.\n\n\n \n\n\n\n \nUp to 1,400,000 Shares at a price of $0.20 per Share continue to be available as part of the non-brokered private placement, for additional gross proceeds of up to $280,000.\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 ...