Mr. Thomas Ullrich reports

ASTON BAY HOLDINGS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT AND SHARE CONSOLIDATION

Aston Bay Holdings Ltd. will conduct a non-brokered private placement, subject to acceptance by the TSX Venture Exchange, for aggregate gross proceeds of up to $2-million. In addition, Aston Bay plans to consolidate the company's common shares on the basis of one new postconsolidation common share for every four preconsolidation common shares immediately prior to the closing of the offering.

Financing

The offering will consist, on a postconsolidation basis, of units at a price of 15 cents 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 32 cents 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 metal projects in Virginia, and other potential projects in the United States, and for general working capital purposes.

The company anticipates that current insiders of the company may participate in the offering. Subject to exchange approval, finders' 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.

Consolidation

The board of directors of the company has approved the consolidation of all of Aston Bay's outstanding common shares on the basis of four preconsolidation common shares for one postconsolidation common share to take effect immediately prior to the closing of the offering and upon receipt of TSX-V approval. 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 (prior to taking into account the common shares issued in the offering described above), the company would have approximately 44,613,399 common shares issued and outstanding.

Any fractional interest in common shares resulting from the consolidation will be rounded to the nearest whole common share. If accepted by the exchange, Aston Bay will retain its current name and the consolidation will occur immediately prior to the closing of the offering (as defined above).

The exercise price and number of common shares issuable upon the exercise of Aston Bay's outstanding stock options and warrants will be proportionately adjusted to reflect the consolidation, in accordance with the terms of such securities.

About Aston Bay Holdings Ltd.

Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in Virginia, United States, and Nunavut, Canada. The company is led by chief executive officer Thomas Ullrich, with exploration in Virginia directed by the company's adviser, Don Taylor, the 2018 Thayer Lindsley Award winner for his discovery of the Taylor lead-zinc-silver deposit in Arizona. The company is currently exploring the high-grade Buckingham gold vein in central Virginia and is in advanced stages of negotiation on other lands with high-grade copper potential in the area.

The company is the 100-per-cent owner of the Storm property, which hosts the Storm copper project and the Seal zinc deposit and has been optioned to American West Metals Ltd.

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