Aston Bay Holdings Announces Non-Brokered Private Placement And Share Consolidation

17 May 2023

May 17, 2023

Aston Bay Holdings Ltd. (TSX-V:BAY; OTCQB:ATBHF) (“Aston Bay” or the “Company”) today announced that it will conduct a non-brokered private placement (the “Offering”), subject to acceptance by the TSX Venture Exchange (the “Exchange”), for aggregate gross proceeds of up to $2,000,000. In addition, Aston Bay plans to consolidate the Company’s common shares (“Common Shares”) on the basis of one (1) new post-consolidation Common Share for every four (4) pre-consolidation Common Shares (the “Consolidation”) immediately prior to the closing of the Offering.


The Offering will consist, on a post-Consolidation basis, of units (the “Units”) at a price of $0.15 per Unit. Each Unit will consist of one Common Share and one warrant (the “Warrant”), with each Warrant entitling the holder thereof to acquire an additional Common Share (the “Warrant Share”) at an exercise price of $0.32 per Warrant Share for a period of 18 months from the date of issuance. The net proceeds of the offering will be used for exploration at the Company’s gold and base metals projects in Virginia, and other potential projects in the USA and for general working capital purposes.

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. The Offering may be closed in one or more tranches as subscriptions are received.