Vancouver, British Columbia – September 22, 2014 – Aston Bay Holdings Ltd. (TSX-V: BAY) (“Aston Bay” or the “Company”) is pleased to announce that further to its news releases of June 18, 2014, June 25, 2014, and August 18, 2014, and pursuant to the Memorandum of Understanding (“MOU”) with a wholly-owned subsidiary of Antofagasta plc (“Antofagasta”), the Company has now completed a private placement (the “Placement”) with Antofagasta for gross proceeds of US$250,000. Following the Placement, Antofagasta holds approximately 2.5% of the Company’s total shares outstanding.
In the Placement, Antofagasta purchased 761,594 units at CDN$0.35 per unit. Each unit consists of one common share of the Company, as well as one share purchase warrant entitling Antofagasta to acquire one common share, at an exercise price of CDN$0.55 per share, until March 15, 2016. Shares acquired by Antofagasta, and shares which may be acquired upon the exercise of the warrants, are subject to a hold period until January 16, 2015, in accordance with applicable Canadian securities legislation. Funds raised by the Placement will be used by the Company to advance the Storm Copper and Seal Zinc Projects and for general corporate purposes.
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.
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.