Aston Bay Holdings Ltd. (TSXV: BAY | OTCQB: ATBHF) has closed a previously announced brokered private placement and concurrent non-brokered private placement for aggregate gross proceeds of approximately C$2.5M.
Under the terms of the LIFE offering, the company has issued 28,847,375 units, at a price of C$0.08 per unit, for aggregate gross proceeds of approximately C$2.31M. Cantor Fitzgerald Canada Corporation acted as sole agent and bookrunner in connection with the LIFE offering. The concurrent offering was completed on a non-brokered private placement basis in which 2,450,000 units were issued for aggregate gross proceeds of C$196,000 on the same terms as the LIFE offering.
Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a price of C$0.12 at any time on or before 5 October 2025.
The company intends to use the net proceeds of the offering for exploration and development of the company’s projects in Virginia, and for working capital and general corporate purposes.
In connection with the LIFE offering and as consideration for their services, the company paid to the Agent a cash commission of C$120,227.40 and issued to the Agent 1,502,843 non-transferable warrants of the company. Each broker warrant entitles the holder thereof to acquire one common share at a price of C$0.08, subject to adjustment in certain events, at any time on or before 5 October 2025.
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