Aston Bay Holdings Ltd. Announces C$5.0M Brokered Financing
September 5, 2023
Aston Bay Holdings Ltd. Announces C$5.0M Brokered Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Aston Bay Holdings Ltd. (TSX‐V: BAY; OTCQB: ATBHF) (the “Company” or “Aston Bay”) is pleased to announce that it has entered into an agreement with Cantor Fitzgerald Canada Corpora�on (the “Agent”), who has agreed to sell, on a commercially reasonable “best efforts” private placement basis, up to 26,315,789 units of the Company (“Units”) at a price of C$0.19 per Unit (the “Offering Price”), for aggregate gross proceeds of up to C$5,000,000 (the “LIFE Offering”). Each Unit will be comprised of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (each, a “Warrant”). Each Warrant will en�tle the holder thereof to purchase one Common Share (each, a “Warrant Share”) at an exercise price of C$0.29 for 24 months following the comple�on of the LIFE Offering.
The Units to be issued under the LIFE Offering will be offered to purchasers pursuant to the Listed Issuer Financing Exemp�on (the “LIFE Exemp�on”) under Part 5A of Na�onal Instrument 45‐106 – Prospectus Exemp�ons, in all the provinces and territories of Canada, except Quebec. The Company and the Agent may increase the size of the offering, up to 48 hours prior to the Closing Date (defined below), by issuing up to an addi�onal 10,526,316 units (the “Addi�onal Units”) for addi�onal gross proceeds of C$2,000,000. Any Addi�onal Units will be sold pursuant to the exemp�ons from the prospectus requirements in Canada other than the LIFE Exemp�on in each of the jurisdic�ons of Canada and in offshore jurisdic�ons. Such Addi�onal Units may be subject to a hold period under Canadian Securi�es Laws.
There is an offering document (the “Offering Document”) related to the LIFE Offering that can be accessed under the Company’s profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at h�ps://astonbayholdings.com/. Prospec�ve investors of the Units should read the Offering Document before making an investment decision.
The Company plans to use the net proceeds from the LIFE Offering, and sale of any Addi�onal Units, for explora�on and development purposes of the Company’s projects in Virginia, and for working capital and general corporate purposes. The LIFE Offering, and sale of Addi�onal Units, is scheduled to close on or about September 21, 2023 (the “Closing Date”), or such other date as the Company and Agent may agree, and is subject to certain condi�ons customary for transac�ons of this nature, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
The securi�es to be offered pursuant to the LIFE Offering, and sale of the Addi�onal Units, have not been, and will not be, registered under the U.S. Securi�es Act of 1933, as amended (the "U.S. Securi�es Act") or any U.S. state securi�es laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registra�on or any applicable exemp�on from the registra�on requirements of the U.S. Securi�es Act and applicable U.S. state securi�es laws. This news release shall not cons�tute an offer to sell or the solicita�on of an offer to buy securi�es in the United States, nor shall there be any sale of these securi�es in any jurisdic�on in which such offer, solicita�on or sale would be unlawful.
The Company also confirms, as previously disclosed in the press release dated August 9, 2023, the Company is no longer considering consolida�on of its Common Shares.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral explora�on company exploring for high‐grade copper and gold deposits in Virginia, USA, and Nunavut, Canada. The Company is led by CEO Thomas Ullrich with explora�on in Virginia directed by the Company's advisor, Don Taylor, the 2018 Thayer Lindsley Award winner for his discovery of the Taylor Pb‐Zn‐Ag Deposit in Arizona. The Company is currently exploring the high‐grade Buckingham Gold Vein in central Virginia and is in advanced stages of nego�a�on on other lands with high‐grade copper poten�al in the area.
The Company is 100% owner of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit and has been op�oned to American West Metals Limited.
Further details are available on the Company’s website at h�ps://astonbayholdings.com/.
FORWARD‐LOOKING STATEMENTS
Statements made in this press release, including those regarding the closing and the use of proceeds of the private placement, management objec�ves, forecasts, es�mates, expecta�ons, or predic�ons of the future may cons�tute “forward‐looking statement”, which can be iden�fied by the use of condi�onal or future tenses or by the use of such verbs as “believe”, “expect”, “may”, “will”, “should”, “es�mate”, “an�cipate”, “project”, “plan”, and words of similar import, including varia�ons thereof and nega�ve forms. This press release contains forward‐looking statements that reflect, as of the date of this press release, Aston Bay’s expecta�ons, es�mates and projec�ons about its opera�ons, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward‐looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward‐ looking statements. Although Aston Bay believes that the assump�ons inherent in the forward‐looking statements are reasonable and undue reliance should not be placed on these statements, which apply only at the �me of wri�ng of this press release. Aston Bay disclaims any inten�on or obliga�on to update or revise any forward‐looking statement, whether as a result of new informa�on, future events or otherwise, except to the extent required by law. We seek safe harbour.
Neither TSX Venture Exchange nor its regula�on services provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
FOR ADDITIONAL INFORMATION CONTACT:
Thomas Ullrich, Chief Execu�ve Officer [email protected] (416) 456‐3516