Business
Aston Bay Holdings Ltd. Announces C$5.0M Brokered Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATE...
About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"Aston Bay Holdings Ltd. Announces C$5.0M Brokered FinancingNOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESTORONTO, ON / ACCESSWIRE / September 5, 2023 / Aston Bay Holdings Ltd. (TSX-V:BAY)(OTCQB:ATBHF) (the \"Company\" or \"Aston Bay\") is pleased to announce that it has entered into an agreement with Cantor Fitzgerald Canada Corporation (the \"Agent\"), who has agreed to sell, on a commercially reasonable \"best efforts\" private placement basis, up to 26,315,789 units of the Company (\"Units\") at a price of C$0.19 per Unit (the \"Offering Price\"), for aggregate gross proceeds of up to C$5,000,000 (the \"LIFE Offering\"). Each Unit will be comprised of one common share of the Company (a \"Common Share\") and one Common Share purchase warrant (each, a \"Warrant\"). Each Warrant will entitle the holder thereof to purchase one Common Share (each, a \"Warrant Share\") at an exercise price of C$0.29 for 24 months following the completion of the LIFE Offering.The Units to be issued under the LIFE Offering will be offered to purchasers pursuant to the Listed Issuer Financing Exemption (the \"LIFE Exemption\") under Part 5A of National Instrument 45-106 - Prospectus Exemptions, in all the provinces and territories of Canada, except Quebec. The Company and the Agent may increase the size of the offering, up to 48 hours prior to the Closing Date (defined below), by issuing up to an additional 10,526,316 units (the \"Additional Units\") for additional gross proceeds of C$2,000,000. Any Additional Units will be sold pursuant to the exemptions from the prospectus requirements in Canada other than the LIFE Exemption in each of the jurisdictions of Canada and in offshore jurisdictions. Such Additional Units may be subject to a hold period under Canadian Securities Laws.There is an offering document (the \"Offering Document\") related to the LIFE Offering that can be accessed under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at https://astonbayholdings.com/. Prospective investors of the Units should read the Offering Document before making an investment decision.The Company plans to use the net proceeds from the LIFE Offering, and sale of any Additional Units, for exploration and development purposes of the Company's projects in Virginia, and for working ...