Business
Aston Bay Signs Letter of Intent with Major Landowner in Virginia; Grants Options
TORONTO, ON / ACCESSWIRE / January 23, 2019 / Aston Bay Holdings Ltd. (TSX-V: BAY; OTCQB: AT...
About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"Aston Bay Signs Letter of Intent with Major Landowner in Virginia; Grants OptionsTORONTO, ON / ACCESSWIRE / January 23, 2019 / Aston Bay Holdings Ltd. (TSX-V: BAY; OTCQB: ATBHF) (\"Aston Bay\" or \"the Company\") is pleased to announce that it has signed a Letter of Intent (\"LOI\") with a major timberlands owner in the state of Virginia, USA (\"the Lessor\") which grants Aston Bay, through its wholly owned subsidiary Blue Ridge Mining Inc. (\"Blue Ridge\"), an exclusive option to lease the mineral rights to certain lands controlled by the Lessor. Aston Bay believes that these lands are highly prospective for base and precious metals mineralization.Technical Advisor to Blue Ridge Don Taylor commented \"signing of this agreement is a key step in the exploration program as the lands in question will allow ready access to several previously identified high priority base and precious metals targets.\"\"We are excited to partner with such a significant landholder and look to further developing the relationship,\" stated Aston Bay CEO Thomas Ullrich. \"This is the first of several land access agreements currently in advanced stages of negotiation. Together, these will form the core of the Blue Ridge Project, with drilling on base and precious metals targets anticipated in Virginia this winter.\"Under the terms of the non-binding LOI, it is intended that Aston Bay will make annual lease payments and commit to minimum annual expenditures for exploring the property over the three-year term of the agreement. The LOI also contains provisions outlining the terms for Aston Bay to enter into mineral lease agreements on lands it intends to develop.The parties to the LOI intend to finalize the terms of a definitive agreement in the coming weeks.Aston Bay also announces that it is granting stock options in accordance with the terms and conditions of its rolling Stock Option Plan, entitling the purchase of an aggregate 4,025,000 common shares by certain officers, directors, consultants, employees and advisors to the Company. Each stock option will be exercisable at $0.10 per common share until January 22, 2026.QUALIFIED PERSONAs per National Instrument 43-101 Standards of Disclosure for Mineral Projects, Michael Dufresne, M.Sc., P.Geol., P.Geo., a Director of and a consultant to Aston Bay, is the Qualified Person for the Company and has prepared,...