Business
Aston Bay Holdings Closes First Tranche of Non-Brokered Private Placement
TORONTO, ON / ACCESSWIRE / February 28, 2020 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBH...
About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"Aston Bay Holdings Closes First Tranche of Non-Brokered Private PlacementTORONTO, ON / ACCESSWIRE / February 28, 2020 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) (\"Aston Bay\" or the \"Company\") is pleased to announce that it has today closed a first tranche of the Company's non-brokered private placement, previously announced on January 6, 2020 (the \"Offering\"). Pursuant to this first tranche of the Offering, the Company has issued 17,711,267 units (each a \"Unit\") at a price of $0.06 per Unit, for aggregate gross proceeds of $1,062,676. The closing is subject to final acceptance of the TSX Venture Exchange.Each Unit consists of one common share of the Company and one full warrant (a \"Warrant\"). Each Warrant entitles the holder to acquire an additional common share of the Company at an exercise price of $0.12 per Warrant for a period of 24 months from the date of issuance. The Warrants are subject to acceleration provisions when the volume weighted average trading price is greater than $0.25 for 10 consecutive trading days.In connection with the closing of the first tranche of the Offering, Aston Bay has paid aggregate cash finder's fees of $13,740 to three arm's length finders, representing 6% of the proceeds raised from subscriptions by certain 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 229,000 common shares, on the same terms as the Warrants.All shares acquired by the placees under the first tranche of the Offering, and shares which may be acquired upon the exercise of the Warrants and the Finder's Warrants, are subject to a hold period until June 29, 2020, in accordance with applicable Canadian securities legislation. Warrants and Finder's Warrants issued in the first tranche of the Offering are exercisable at $0.12 to purchase one common share of the Company until February 28, 2022.Proceeds of this Offering will be used for exploration activities at the Company's Virginia gold properties and for general corporate purposes.About Aston Bay HoldingsAston Bay is a publicly traded mineral exploration company exploring for gold and base metal deposits in Virginia, USA, and Nunavut, Canada. The Company is led by CEO Thomas Ullrich with exploration in Virginia directed by the Company's advisor, Don ...