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Aston Bay Holdings Closes $2,137,860 Second Tranche of Non-Brokered Private Placement for $3,517,860 Total to Date
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About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"Aston Bay Holdings Closes $2,137,860 Second Tranche of Non-Brokered Private Placement for $3,517,860 Total to DateTHIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES TORONTO, ON / ACCESSWIRE / June 6, 2024 / Aston Bay Holdings Ltd. (TSX-V:BAY)(OTCQB:ATBHF) (\"Aston Bay\" or the \"Company\") is pleased to announce that it has closed a second tranche of the Company's non-brokered private placement, previously announced on April 24, 2024 (the \"Offering\"). Pursuant to the second tranche of the Offering, the Company has issued 16,826,333 non-flow through units (each a \"Unit\") at a price of $0.12 per Unit (the \"LIFE Offering\") and 791,333 flow through shares (each an \"FT Share\") at a price of $0.15 per FT Share, for aggregate gross proceeds of $2,137,860. The closing is subject to final acceptance of the TSX Venture Exchange.Each Unit consists of one Common Share of the Company and one common share purchase warrant (a \"Warrant\"). Each Warrant will entitle the holder thereof to acquire an additional common share of the Company at an exercise price of $0.18 per Warrant for a period of 24 months from the date of issuance.Proceeds from the second tranche are in addition to the previously reported closing of the first tranche of the Offering of FT Shares for proceeds of $1,380,000, as disclosed May 9, 2024. To date, proceeds from the Offering total $3,517,860.In connection with the closing of the second tranche of the Offering, Aston Bay has paid aggregate cash finder's fees of $47,230 to six arm's length finders, representing 6% of the proceeds raised from subscriptions by placees introduced by the finders. The Company has issued to the finders share purchase warrants (the \"Finder's Warrants\") entitling the purchase of an aggregate 334,230 common shares, on the same terms as the Warrants.The FT Shares acquired by the placees under the second tranche of the Offering, and shares which may be acquired under exercise of the Finder's Warrants, are subject to a hold period until October 7, 2024, in accordance with applicable Canadian securities legislation.One insider of the Company participated in the second tranche of the Offering, which resulted in related party considerations pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holde...