Aston Bay Holdings Ltd. (TSXV:BAY) has confirmed it will conduct a non-brokered private placement for aggregate gross proceeds of up to $2,000,000.
In addition, 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 immediately prior to the closing of the Offering.
Financing
The Offering will consist, on a post-Consolidation basis, of units at a price of $0.15 per Unit. Each Unit will consist of one Common Share and one warrant, with each Warrant entitling the holder thereof to acquire an additional Common 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 reasons for the Consolidation are to increase Aston Bay’s flexibility in the marketplace and to make the Company’s securities more attractive to a wider audience of potential investors.
The company currently has 178,453,594 Common Shares issued and outstanding. Assuming no changes in the number of the Common Shares outstanding, after giving effect to the Consolidation, the company would have approximately 44,613,399 Common Shares issued and outstanding.
Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in Virginia, USA, and Nunavut, Canada.
The company is 100% owner of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit and has been optioned to American West Metals Limited.
For further information please visit: https://astonbayholdings.com/
