Business
Aston Bay Holdings Satisfies Final Condition Precedent with Antofagasta
(via Thenewswire.ca) Vancouver, British Columbia / TNW-ACCESSWIRE / August 18, ...
About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"Aston Bay Holdings Satisfies Final Condition Precedent with Antofagasta(via Thenewswire.ca)\n\n \n\n\n\n \nVancouver, British Columbia / TNW-ACCESSWIRE / August 18, 2014 - Aston Bay Holdings Ltd. (TSX-V: BAY) (\"Aston Bay\" or the \"Company\") today announces that it has now satisfied the second and final condition precedent of the recently announced Memorandum of Understanding (\"MOU\"), as amended on July 10, 2014, with a wholly-owned subsidiary of Antofagasta plc (\"Antofagasta\").\n\n\n \n\n\n\n \nPursuant to acceptance by the TSX Venture Exchange (the \"Exchange\") of the shares for services agreement between Aston Bay and Lone Peak Drilling (\"Lone Peak\"), and the first tranche close of the Company's current private placement for aggregate gross proceeds of C$388,960, Antofagasta has provided a written waiver (\"Waiver\") indicating that the funds raised in the current private placement are sufficient for meeting the financing condition precedent described in the MOU.\n\n\n \n\n\n\n \n\"This has been a pivotal year for Aston Bay,\" said Benjamin Cox, President and CEO. \"Since the Company went public in May 2013, we have consolidated and updated the historic database, engaged a world class partner, and secured a drilling services contract, which puts the Company in an advantageous position for drilling Storm in 2015.\"\n\n\n \n\n\n\n \nIn respect of Aston Bay having satisfied the final condition precedent, and subject to Exchange acceptance, Antofagasta will participate in a US$250,000 private placement (the \"Placement\") in the Company as previously announced on June 18, 2014 and amended on July 11, 2014. Each non-flow-through unit of the Placement will be priced at CDN$0.35 and consist of one common share and one share purchase warrant (the \"NFT Warrant\") of the Company. Each 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 \n\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 located on northwest Somerset Island, Nunavut. The Storm Property hosts the Storm Copper and Seal Zinc prospects. In June 2014, Aston Bay signed a binding Memorandum of Understanding (the \"MOU\") ...