Vancouver, BC / ACCESSWIRE / June 25, 2014 / Aston Bay Holdings Ltd. (TSX-V: BAY) ("Aston Bay" or the "Company") announces that, further to its news release of June 18, 2014, it has revised the terms of its non-brokered private placement as previously announced (the "Offering") for gross proceeds of up to US$2 million such that each NFT Unit will now be issued at a per unit price of CDN$0.25 and will consist of one common share and one share purchase warrant (the "NFT Warrant"). Each NFT Warrant will entitle the holder thereof to acquire one additional common share for a period of 18 months from closing of the Offering, at a price of CDN$0.40 per share, subject to accelerated expiry terms, as described below.
In addition, each FT Unit will now be issued at a per unit price of CDN$0.30 and will consist of one "flow-through" common share and one-half of one share purchase warrant (the "FT Warrant"). Each whole FT Warrant will entitle the holder thereof to acquire one additional non-flow-through common share for a period of 18 months from closing of the Offering, at a price of CDN$0.40 per share.
The FT Warrants and NFT Warrants will be subject to the Company's right to accelerate the expiry of the same to within 30 calendar days of notice thereof if the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange is equal to or exceeds CDN$0.80 over a period of 20 consecutive trading days between the date that is four months following the closing of the Offering and the date on which the FT Warrants and/or the NFT Warrants, as applicable, would otherwise expire. Such notice is to be given within five trading days of such 20-day period.
In addition to the above Offering, as previously announced on June 18, 2014, the Company will also issue to an arms' length investor such number of NFT Units (the "Arms' Length NFT Units") of Aston Bay at a per unit price of CDN$0.40 that amounts to gross proceeds of US$250,000. The Arms' Length NFT Units shall have the same terms as the NFT Units described in the June 18, 2014 news release.
Each Arms' Length NFT Unit will consist of one common share and one common share purchase warrant (the "Arms' Length NFT Warrant"). Each Arms' Length NFT Warrant will entitle the holder thereof to acquire one additional common share for a period of 18 months from closing of the Offering, at a price of CDN$0.60 per share.
Arms' Length NFT Warrants will be subject to the Company's right to accelerate the expiry of the same to within 30 calendar days of notice thereof if the daily volume weighted average trading price of the common shares of the Company on the Exchange is equal to or exceeds CDN$1.20 over a period of 20 consecutive trading days between the date that is four months following the closing of the Offering and the date on which the Arms' Length NFT Warrants, as applicable, would otherwise expire. Such notice is to be given within five trading days of such 20-day period.
About Aston Bay Holdings
Aston Bay Holdings Ltd. (TSX-V: BAY) is a publicly traded mineral exploration company focused on the 345,033-acre Storm Property located on northwest Somerset Island, Nunavut ("Storm"). The property hosts the Storm Copper and Seal Zinc prospects. In June 2014, Aston Bay signed a binding MOU with a wholly-owned subsidiary of Antofagasta plc to cooperatively advance the project. The MOU gives Antofagasta the opportunity to earn up to a 70% total interest in Storm, as well as a path to an eventual proposed joint venture, as described in Aston Bay's press release of June 18, 2014. Aston Bay holds the right to earn or buy up to a 100% undivided interest in the Storm Property from Commander Resources Ltd. (TSX-V: CMD).
On behalf of the Board of Directors,
Benjamin Cox, Chief Executive Officer
Telephone: (360) 262-6969
For further information about Aston Bay Holdings Ltd or this news release, please visit our website at www.astonbayholdings.com.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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SOURCE: Aston Bay Holdings Ltd.