Business
Aston Bay Holdings Ltd. Closes Private Placement
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. Closes Private Placement NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESTORONTO, ON / ACCESSWIRE / October 5, 2023 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) (the \"Company\" or \"Aston Bay\") today announces the closing of its previously announced brokered private placement (the \"LIFE Offering\") and concurrent non-brokered private placement (the \"Concurrent Offering\" and, together with the LIFE Offering, the \"Offering\") for aggregate gross proceeds of approximately C$2.5 million.Under the terms of the LIFE Offering, the Company issued 28,847,375 units (\"Units\"), at a price of C$0.08 per Unit, for aggregate gross proceeds of approximately C$2.31 million. Cantor Fitzgerald Canada Corporation (the \"Agent\") acted as sole agent and bookrunner in connection with the LIFE Offering. The Concurrent Offering was completed on a non-brokered private placement basis in which 2,450,000 Units were issued for aggregate gross proceeds of C$196,000 on the same terms as the LIFE Offering.Each Unit consists of one common share of the Company (each, a \"Common Share\") and one Common Share purchase warrant (each, a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one Common Share at a price of C$0.12 at any time on or before October 5, 2025.The Company intends to use the net proceeds of the Offering for exploration and development of the Company's projects in Virginia, and for working capital and general corporate purposes.In connection with the LIFE Offering and as consideration for their services, the Company paid to the Agent a cash commission of C$120,227.40 and issued to the Agent 1,502,843 non-transferable warrants of ‎the Company (the \"Broker Warrants\"). Each Broker Warrant entitles the holder thereof to acquire one Common Share at a price of C$0.08, subject to adjustment in certain events, at any time on or before October 5, 2025.‎28,847,375 Units were offered pursuant to the listed issuer financing exemption (the \"Listed Issuer Financing Exemption\") as outlined in Part 5A of National Instrument 45-106 -- Prospectus Exemptions (\"NI 45-106\"). An offering document related to the portion of the Offering conducted under the Listed Issuer Financing Exemption has been filed on the Company's profile on SEDAR+ at (www.se...