Toronto, Ontario (FSCwire) - Aston Bay Holdings Ltd. (TSX-V: BAY) (“Aston Bay” or the “Company”) is pleased to announce that it will conduct a non-brokered private placement (the “Offering”), subject to the approval of the TSX Venture Exchange (the “Exchange”), for aggregate gross proceeds of up to $4,000,000. The Offering will consist of non-flow-through units (the “Units”) at a price of $0.15 per Unit, and flow-through shares (the “FT Shares”) at a price of $0.16 per FT Share. The Company intends to close a first tranche of the Offering during the month of December 2017.
Each Unit will consist of one common share of the Company and one-half of one warrant (each whole warrant being referred to as a “Warrant”). Each full Warrant will entitle the holder thereof to acquire an additional non-flow-through common share (the “Warrant Share”) of the Company at an exercise price of $0.20 per Warrant Share for a period of 24 months from the date of issuance.
The Company anticipates that current insiders of the Company may participate in the Offering. Subject to Exchange approval, finder’s fees may be paid to persons who introduce the Company to investors.
Proceeds of this Offering will be used for a planned 2018 drill program on the Aston Bay Property, for advancing Storm Copper, Seal Zinc and other prospects on the Aston Bay claims, and for general corporate purposes.
Shares and Warrant Shares acquired by the placees will be subject to a hold period of four months plus one day from the date of completion of the Offering, in accordance with applicable securities legislation.
About Aston Bay Holdings
Aston Bay Holdings Ltd. (TSX-V: BAY) is a publicly traded mineral exploration company exploring for large, high-grade, sediment-hosted copper and zinc deposits in Nunavut, a mining-friendly Canadian jurisdiction. Aston Bay is 100% owner of the 1,024,345-acre (414,537-hectare) Aston Bay Property located on western Somerset Island, Nunavut. The Aston Bay Property hosts the Storm Copper Project and the Seal Zinc Deposit, with historical drilling confirming the presence of sediment-hosted copper and zinc mineralization.
