10:24:02 EDT Mon 22 Oct 2018
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Aton Resources Inc
Symbol C : AAN
Shares Issued 183,637,743
Close 2018-01-12 C$ 0.04
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Aton extends $1-million private placement to Jan. 26

2018-01-13 01:48 ET - News Release

Mr. Mark Campbell reports


Aton Resources Inc. has extended its previously announced non-brokered private placement offering of up to 25 million common shares at a price of four cents per share for total gross proceeds of up to $1-million. The closing of the offering is now expected to occur on or about Jan. 26, 2018, and is subject to TSX Venture Exchange approval. The net proceeds from the offering will be used to finance continued exploration and development activities at Aton's 100-per-cent-owned Abu Marawat concession, located in Egypt, including advancing the regional drilling program, geophysical work along the Waayrah-Miranda VMS (volcanogenic massive sulphide) trend, metallurgical testwork required to assess recoveries of the established resources at Hamama West and Abu Marawat, and for working capital purposes.

Participation in the placement is open to all shareholders who held the corporation's common shares on Sept. 26, 2017. Each purchaser of shares will be required to complete a subscription agreement, which confirms, among other things, the availability of an exemption from the prospectus requirements of applicable securities laws in respect of the sale of shares to such purchaser. Eligible shareholders wishing to participate in the placement are invited to contact the corporation to obtain a subscription agreement. In the event of oversubscription, the corporation will determine allocations between shareholders at its sole discretion. Persons who did not hold common shares of the corporation on the record date may also participate in the placement.

"As we have had more interest, we want to give everyone time to participate," stated Mark Campbell, president and chief executive officer. "The path to achieving one of our goals, obtaining a 20-year mining licence at Hamama, along with our exploration extension to be able to develop the potentially substantial Rodruin prospect, are very exciting developments for Aton and our shareholders."

Additional terms

All securities issued pursuant to the private placement will be subject to a four-month hold period from the date of issuance under applicable Canadian securities laws. The corporation may pay certain finders' fees on certain of the gross proceeds raised from the sales of shares pursuant to the private placement, yet to be determined and subject to the approval of the TSX Venture Exchange.

About Aton Resources Inc.

Aton Resources is focused on its 100-per-cent-owned Abu Marawat concession, located in Egypt's Arabian-Nubian Shield, approximately 400 kilometres north of Centamin's Sukari gold mine. Aton has identified a 40-kilometre-long gold trend at Abu Marawat, anchored by the Hamama project in the west and the Abu Marawat gold deposit in the east. In addition to the Hamama project and the Abu Marawat gold deposit, the trend contains numerous gold exploration targets, including two historical gold mines. Abu Marawat is over 738 square kilometres in size and is located in an area of excellent infrastructure, and a four-lane highway, railway line, a 220-kilovolt power line and a water pipeline are in close proximity.

Qualifying person

Rick Cavaney is Aton Resources' vice-president of exploration. He has over 45 years of experience in the mining industry and was formally an exploration manager with Centamin at Sukari and Abu Marawat for eight years. As a fellow of the Australian Institute of Mining and Metallurgy (AusIMM), Mr. Cavaney is a competent person under the Joint Ore Resources committee (JORC) code and is a qualified person, as such term is defined in National Instrument 43-101 of the Canadian Securities Administrators, and he has reviewed and approved this release.

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