Business
Aston Bay Holdings Closes First Tranche of Private Placement and Issues Shares in Satisfaction of Property Agreement and Fees For Service
(via Thenewswire.ca) Vancouver, British Columbia / TNW-ACCESSWIRE / August 11, 201...
About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"Aston Bay Holdings Closes First Tranche of Private Placement and Issues Shares in Satisfaction of Property Agreement and Fees For Service(via Thenewswire.ca)\n\n \n\n\n\n \nVancouver, British Columbia / TNW-ACCESSWIRE / August 11, 2014 / Aston Bay Holdings Ltd. (TSX-V: BAY) (\"Aston Bay\" or the \"Company\") is pleased to announce that it has closed the first tranche of its non-brokered private placement, as previously announced by its news releases of June 18, 2014, June 25, 2014 and July 11, 2014.\n\n\n \n\n\n\n \nPursuant to the first tranche of the offering, Aston Bay has issued an aggregate of 787,840 non-flow-through units (the \"NFT Units\") at a price of $0.25 per NFT Unit and 768,000 flow-through units (the \"FT Units\") at a price of $0.25 per FT Unit for gross proceeds of $388,960. Each NFT Unit consists of one common share and one share purchase warrant (the \"NFT Warrant\"). Each FT Unit consists of one common share issued on a flow-through basis under the Income Tax Act (Canada) and one-half of one share purchase warrant, each whole share purchase warrant being a \"FT Warrant\". Each NFT Warrant and each whole FT Warrant (together the \"Warrants\") entitle the holder thereof to acquire one additional non-flow-through common share at a price of $0.40 per share until February 8, 2016, subject to accelerated expiry in certain circumstances. Aston Bay has the right to accelerate the expiry date of the Warrants to within 30 calendar days of notice of such accelerated expiry (subject to the date on which the Warrants would otherwise expire) if the volume weighted average trading price of the Company's common shares on the TSX Venture Exchange is equal to or exceeds $0.80 over a period of 20 consecutive trading days following December 9, 2014. Such notice is to be given to the holders of the Warrants within five trading days of such 20-day period. \n\n \n \nIn connection with closing of the first tranche of the offering, Aston Bay has paid aggregate cash finder's fees of $5,390 to three arm's length finders, representing 7% of the proceeds raised from subscriptions by individuals introduced by the finders and has issued to the finders share purchase warrants (the \"Finder's Warrants\") entitling the purchase of an aggregate 21,560 common shares at a per share price of $0.25 until February 8, 2016. The Finder's Warrants ar...