Vancouver, British Columbia – March 22, 2016 – Aston Bay Holdings Ltd. (TSX-V: BAY) (“Aston Bay” or the “Company”) is pleased to announce that it has closed the second and final tranche of its non-brokered private placement offering, having issued 1,820,000 common shares at a per share price of $0.20, for gross proceeds of $364,000. The $800,000 offering, as initially announced on February 1, 2016, including the $520,000 first tranche which closed on February 18, 2016, was over-subscribed by 420,000 common shares, for additional gross proceeds to Aston Bay of $84,000.
Shares acquired by the placees under the second and final tranche of the offering are subject to a hold period until July 23, 2016, in accordance with applicable Canadian securities legislation.
Aggregate cash finder’s fees of $7,140 were paid by Aston Bay to Dalton Dupasquier, Klondike Strike Inc. and Haywood Securities Inc. and finder’s fees of $7,700 were satisfied by the issuance to Leede Jones Gable Inc. of 38,500 common shares of the Company at a deemed per share price of $0.20, under agreements with the arm’s length parties in connection with certain subscriptions under this second and final tranche of the offering.
Net proceeds of this offering will be used by Aston Bay for advancing the Storm Copper and Seal Zinc Projects and for general corporate purposes. Following closing of this private placement, the Company has 54,772,589 common shares issued and outstanding.
About Aston Bay Holdings
Aston Bay Holdings Ltd. (TSX-V: BAY) is a publicly traded mineral exploration company focused on the 395,118-hectare (976,357-acre) Aston Bay Property located on northwest Somerset Island, Nunavut. The Property hosts the Storm Copper and Seal Zinc prospects, where historic drilling has confirmed the presence of sediment-hosted copper and zinc mineralization.
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. In the event that management’s beliefs, estimates or opinions, or other factors, should change, the Company undertakes no obligation to update these forward-looking statements, except as required by law.
We seek Safe Harbor.
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.