17 July 2023
July 17, 2023 - Aston Bay Holdings Ltd. (TSX-V:BAY; OTCQB:ATBHF) (“Aston Bay” or the “Company”) announces that the Company has been granted an extension by the TSX Venture Exchange ("TSX-V") to complete the previously announced (see news release dated May 17, 2023) non-brokered private placement (the “Offering”) of aggregate gross proceeds of up to $2,000,000, by no later than August 15, 2023. In addition, the 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”) in connection with the closing of the Offering.
The Offering consists, 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-half warrant (each whole warrant, a “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 on the Company’s gold and base metals projects in Virginia, and other potential projects in the USA and for general working capital purposes.
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