Vancouver, British Columbia / ACCESSWIRE / December 12, 2014 / Aston Bay Holdings Ltd. (TSX-V:BAY.V - News) ("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 $360,000. The Offering will consist of non-flow-through units (the "NFT Units") at a price of $0.15 per NFT Unit, and flow-through units (the "FT Units") at a price of $0.18 per FT Unit.
Each NFT Unit will consist of one common share of the Company and one-half of one warrant (a whole warrant being referred to as a "Warrant"). Each FT Unit will consist of one flow-through common share and one-half of one 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 $0.30 per Warrant for a period of 24 months from the date of issuance.
The Warrants' expiration date will be subject to an acceleration clause that will require that Warrants be exercised within 30 calendar days of notice from the Company in the event that the daily volume weighted average trading price of common shares in the Company is equal to or exceeds $0.60 over a period of 10 consecutive trading days between the date that is four months following the closing of the Offering. Such notice is to be given within five trading days of any such 10-day period.
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 advancing the Storm Copper and Seal Zinc Projects, and for general corporate purposes.
Shares and Warrants 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.V - News) is a publicly traded mineral exploration company focused on the 345,033-acre Aston Bay Property located on northwest Somerset Island, Nunavut. The Property hosts the Storm Copper and Seal Zinc prospects. On December 1st, 2014, Aston Bay announced a Definitive Earn-In Agreement with a wholly-owned subsidiary of Antofagasta plc to cooperatively advance the project. The Definitive Agreement gives Antofagasta the opportunity to earn up to a 70% total interest in Storm Copper and Seal Zinc, as well as a path to an eventual proposed joint venture. Aston Bay holds the right to earn or buy up to a 100% undivided interest in the Storm Property from Commander Resources Ltd. (TSX-V:CMD.V - News).