04:16:41 EDT Fri 29 Mar 2024
Enter Symbol
or Name
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CA



Aston Bay Holdings Ltd
Symbol BAY
Shares Issued 104,838,611
Close 2018-04-10 C$ 0.21
Market Cap C$ 22,016,108
Recent Sedar Documents

Aston Bay arranges $2-million private placement

2018-04-11 10:53 ET - News Release

Mr. Thomas Ullrich reports

ASTON BAY HOLDINGS OPENS ADDITIONAL NON-BROKERED PRIVATE PLACEMENT

Aston Bay Holdings Ltd. has received conditional approval from the TSX Venture Exchange to proceed with a private placement offering of up to 12.5 million flow-through shares at 16 cents per share for aggregate proceeds of $2-million. This offering follows the recently closed private placement in which the company had significant additional institutional interest which it could not accommodate given the prearranged approval limits. Should Aston Bay complete this new offering, it will permit the company to expand its plans for exploration activities at the Storm copper and Seal zinc projects during the 2018 summer exploration season. In particular, proceeds would be used to finance a second drill rig and to expand the planned amount of drilling during the 2018 campaign.

"Adding a second drill will allow us to test more targets more efficiently at a significantly lower cost per metre drilled, and provides flexibility to aggressively follow up positive results," commented Dr. David Broughton, chief geologist.

Conditional approval for the offering was received from the exchange on April 6, 2018. Subject to exchange approval, finder's fees may be paid to persons who introduce the company to investors. Shares 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. The offering is subject to final approval by the exchange.

The recently closed private placement, which was oversubscribed and raised aggregate gross proceeds of $4,466,991, described in the company's news release of April 2, 2018, was granted final approval by the exchange on April 10, 2018.

Qualified person

As per National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, Michael Dufresne, MSc, PGeol, PGeo, a director of and a consultant to Aston Bay, is the qualified person for the company and has prepared, validated and approved the technical and scientific content of this news release. The company strictly adheres to Canadian Institute of Mining, Metallurgy and Petroleum best practices guidelines in conducting, documenting and reporting its exploration activities on the Storm project. Eugene Puritch, PEng, FEC, CET of P and E Mining Consultants Inc., an independent qualified person as defined by NI 43-101, has reviewed and approved the technical contents of this news release.

About Aston Bay Holdings Ltd.

Aston Bay Holdings is a publicly traded mineral exploration company exploring for large, high-grade, sediment-hosted copper and zinc deposits in Nunavut, a mining-friendly Canadian jurisdiction. Aston Bay is owner of the 1,024,345-acre Aston Bay property located on western Somerset Island, Nunavut. The Aston Bay property hosts the Storm copper project and the Seal zinc deposit, with historical drilling confirming the presence of sediment-hosted copper and zinc mineralization.

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