Business
Aston Bay Holdings Modifies Condition Precedent to MOU and Amends Flow-Through Portion of Previously Announced Private Placement
(via Thenewswire.ca) V ancouve r , B riti s h C o l u m b i a / TNW-ACC...
About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"Aston Bay Holdings Modifies Condition Precedent to MOU and Amends Flow-Through Portion of Previously Announced Private Placement(via Thenewswire.ca)\n \n \nVancouver, British Columbia / TNW-ACCESSWIRE / July 11, 2014 / Aston Bay Holdings Ltd. (TSX-V: BAY) (\"Aston Bay\" or the \"Company\") announces that further to its news releases of June 18, 2014 and June 25, 2014, it has (by agreement between the parties) modified a condition precedent contained in the Memorandum of Understanding (the \"MOU\") with a wholly-owned subsidiary of Antofagasta plc (\"Antofagasta\") which was described in the June 18, 2014 release, such that the minimum amount to be raised in the current private placement (the \"Offering\") has been reduced from US$1,000,000 to US$700,000.\n\n \n \nIn addition, the MOU has been further amended such that the US$250,000 private placement with Antofagasta (the \"Placement\"), which was also described in the June 18, 2014 release, will be repriced such that each non-flow-through unit of the Placement will now be issued to Antofagasta at a per-unit price of CDN$0.35 and will consist of one common share and one share purchase warrant (the \"Arms' Length NFT Warrant\") of the Company. Each Arms' Length NFT Warrant will entitle the holder thereof to acquire one additional non-flow-through common share at an exercise price of CDN$0.55 per share for a period of 18 months from closing.\n\n \n \nIn addition, the Company has amended the terms of the flow-through units (the \"FT Units\") comprising the Offering. Each FT Unit will now be issued at a per-unit price of CDN$0.25 and will consist of one \"flow-through\" common share and one-half of one share purchase warrant. Each whole share purchase warrant (the \"FT Warrant\") and each warrant comprising the NFT Units described in the June 25, 2014 news release (the \"NFT Warrant\") will entitle the holder thereof to acquire one additional non-flow- through common share at an exercise price of CDN$0.40 per share for a period of 18 months from closing, subject to accelerated expiry.\n\n \n \nThe FT Warrants and NFT Warrants will be subject to the Company's right to accelerate the expiry of the same to within 30 calendar days of notice thereof if the daily volume weighted average trading price of the common shares of the Company on the Exchange is equal to or exceeds CDN$0.80 over ...