26 April 2018
Aston Bay Holdings Ltd. is pleased to announce that it has closed a non-brokered private placement, raising gross proceeds of $2,041,000. The offering, which was announced on April 11, 2018, has been oversubscribed by $41,000. The company has issued 12,756,250 flow-through shares at a price of $0.16 per FT Share. In connection with the offering, Aston Bay will pay aggregate cash finder’s fees of $120,960 to four arm’s length finders, representing 6% of the proceeds raised from subscriptions by certain placees introduced by the finders.
All shares acquired by the placees under the offering are subject to a hold period until August 26, 2018, in accordance with applicable Canadian securities legislation. Completion of the offering is subject to all required regulatory approvals, including final acceptance by the TSX Venture Exchange. Conditional acceptance of the offering was received from the Exchange on April 6, 2018. The company is awaiting final acceptance of the offering.
Proceeds of this offering will be used to expand existing plans for exploration activities at the Storm Copper and Seal Zinc Projects during the 2018 summer exploration season, and in particular to fund a second drill rig and expand the amount of drilling to be undertaken during the campaign.
“This placement adds two strong institutional shareholders to our registry and strengthens the position of a third, bolstering an already impressive slate of institutional support,” stated Thomas Ullrich, CEO of Aston Bay. “Planning is underway for the expanded drill program with expected mobilization in mid-June. We are in the process of refining drill hole targeting with Dr. David Broughton and our team. Details of the targeting will be released in the coming weeks.”