Aston Bay Holdings Ltd. (TSXV: BAY | OTCQB: ATBHF) has been granted an extension by the TSX Venture Exchange to complete the previously announced non-brokered private placement of aggregate gross proceeds of up to C$2,000,000, by no later than 15 August 2023.
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.
In addition, the Aston Bay plans to consolidate the company’s common shares on the basis of one new post-consolidation common share for every four pre-consolidation common shares in connection with the closing of the offering.
The offering consists, on a post-consolidation basis, of units at a price of C$0.15 per unit. Each Unit will consist of one common Share and one-half warrant, with each warrant entitling the holder thereof to acquire an additional common share at an exercise price of C$0.32 per warrant Share for a period of 18 months from the date of issuance.
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.
All securities issued pursuant to the offering will be subject to statutory hold periods in accordance with applicable United States and Canadian securities laws.
To find out more, please visit www.astonbayholdings.com
