Vancouver, British Columbia / ACCESSWIRE / August 18, 2014 / Aston Bay Holdings Ltd. (TSX-V: BAY) ("Aston Bay" or the "Company") today announces that it has now satisfied the second and final condition precedent of the recently announced Memorandum of Understanding ("MOU"), as amended on July 10, 2014, with a wholly-owned subsidiary of Antofagasta plc ("Antofagasta").
Pursuant to acceptance by the TSX Venture Exchange (the "Exchange") of the shares for services agreement between Aston Bay and Lone Peak Drilling ("Lone Peak"), and the first tranche close of the Company's current private placement for aggregate gross proceeds of C$388,960, Antofagasta has provided a written waiver ("Waiver") indicating that the funds raised in the current private placement are sufficient for meeting the financing condition precedent described in the MOU.
"This has been a pivotal year for Aston Bay," said Benjamin Cox, President and CEO. "Since the Company went public in May 2013, we have consolidated and updated the historic database, engaged a world class partner, and secured a drilling services contract, which puts the Company in an advantageous position for drilling Storm in 2015."
In respect of Aston Bay having satisfied the final condition precedent, and subject to Exchange acceptance, Antofagasta will participate in a US$250,000 private placement (the "Placement") in the Company as previously announced on June 18, 2014 and amended on July 11, 2014. Each non-flow-through unit of the Placement will be priced at CDN$0.35 and consist of one common share and one share purchase warrant (the "NFT Warrant") of the Company. Each NFT Warrant will entitle the holder thereof to acquire one additional non-flow-through common share at an exercise price of CDN$0.55 per share for a period of 18 months from closing.
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 located on northwest Somerset Island, Nunavut. The Storm Property hosts the Storm Copper and Seal Zinc prospects. In June 2014, Aston Bay signed a binding Memorandum of Understanding (the "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.