Business
Aston Bay Holdings Completes Private Placement with Antofagasta
(via Thenewswire.ca) Vancouver, British Columbia / TNW-ACCESSWIRE / September 22, ...
About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"Aston Bay Holdings Completes Private Placement with Antofagasta(via Thenewswire.ca)\n\n \n\n\n\n \nVancouver, British Columbia / TNW-ACCESSWIRE / September 22, 2014 / Aston Bay Holdings Ltd. (TSX-V: BAY) (\"Aston Bay\" or the \"Company\") is pleased to announce that further to its news releases of June 18, 2014, June 25, 2014, and August 18, 2014, and pursuant to the Memorandum of Understanding (\"MOU\") with a wholly-owned subsidiary of Antofagasta plc (\"Antofagasta\"), the Company has now completed a private placement (the \"Placement\") with Antofagasta for gross proceeds of US$250,000. Following the Placement, Antofagasta holds approximately 2.5% of the Company's total shares outstanding.\n\n \n \nIn the Placement, Antofagasta purchased 761,594 units at CDN$0.35 per unit. Each unit consists of one common share of the Company, as well as one share purchase warrant entitling Antofagasta to acquire one common share, at an exercise price of CDN$0.55 per share, until March 15, 2016. Shares acquired by Antofagasta, and shares which may be acquired upon the exercise of the warrants, are subject to a hold period until January 16, 2015, in accordance with applicable Canadian securities legislation. Funds raised by the Placement will be used by the Company to advance the Storm Copper and Seal Zinc Projects and for general corporate purposes.\n\n \n \nAbout Aston Bay Holdings\n\n \n \nAston Bay Holdings Ltd. (TSX-V: BAY) is a publicly traded mineral exploration company focused on the 345,033-acre Storm Property located on northwest Somerset Island, Nunavut (\"Storm\"). The property hosts the Storm Copper and Seal Zinc prospects. In June 2014, Aston Bay signed a binding MOU with a wholly-owned subsidiary of Antofagasta plc to cooperatively advance the project. The MOU gives Antofagasta the opportunity to earn up to a 70% total interest in Storm, as well as a path to an eventual proposed joint venture, as described in Aston Bay's press release of June 18, 2014. Aston Bay holds the right to earn or buy up to a 100% undivided interest in the Storm Property from Commander Resources Ltd. (TSX-V: CMD).\n\n \n \nOn behalf of the Board of Directors,\n\n\n \nBenjamin Cox, Chief Executive Officer\n\n\n \nTelephone: (360) 262-6969\n\n \n \nFor further information about Aston Bay Holdings Ltd or this news release, please visit our website at www.a...