Vancouver, B.C. – May 18, 2016 – Aston Bay Holdings Ltd. (TSX-V: BAY) (“Aston Bay” or the “Company”) is pleased to provide the following updates.
Dwight Walker Named Chief Financial Officer
Moshe Cohen has resigned as the Company’s Chief Financial Officer effective May 17, 2016. Dwight Walker has been appointed by the Board of Directors as Aston Bay’s Chief Financial Officer, effective May 18, 2016 to fill the vacancy created by Mr. Cohen’s resignation.
“Mr. Walker brings a wealth of experience to our financial team and bolsters management’s ability to move Aston Bay forward,” said Aston Bay Chief Executive Officer, Benjamin Cox.
Mr. Walker has over 30 years’ experience in public company finance and administration, and has been the Chief Financial Officer of three public companies. He was the CFO of ECU Silver Mining Inc., an emerging Mexico-based silver producer. Mr. Walker was most recently a founding partner and Chief Financial Officer of Red Cloud Mining Capital Inc., a strategic advisor to Aston Bay. Mr. Walker is a CPA, CGA and holds a Bachelor of Mathematics degree from the University of Waterloo.
Aston Bay would like to thank Moshe Cohen for his contributions and his almost five years of service to Aston Bay, since its founding. Mr. Cohen will continue to provide consulting services to Aston Bay, as needed.
Joel Schneyer Joins Advisory Board
Aston Bay has also asked Joel Schneyer to join its Advisory Board. Mr. Schneyer is a Managing Director in the Minerals, Capital and Advisory Practice of Headwaters MB, a middle market investment bank headquartered in Denver, Colorado, with six regional offices across the United States and partnerships with 18 firms covering 30 countries. He has an international career spanning over 30 years as an investment banker, financial analyst, metals trader and geologist. He was Manager of Derivative Finance in the metals group of Barclays Bank, and a Senior Analyst in the New Business and Strategic Planning Group at Billiton Royal Dutch Shell. Previously he worked as an oil and gas exploration geologist. Mr. Schneyer earned a B.A. in Geology with High Honors from Colgate University, a M.A. in Geology from the University of Texas at Austin, and a M.S. in Mineral Economics from the Colorado School of Mines. He holds the ICD.D certification from the Institute of Corporate Directors.
Relocation of Aston Bay Corporate Office
Aston Bay is currently in the process of moving its corporate headquarters to Toronto, Ontario, where both Mr. Walker and Thomas Ullrich, Aston Bay’s COO and Executive V.P.-Exploration, will be based. Aston Bay will also retain its current office in Vancouver, Washington, USA.
Partial Sale of Commander Resources Ltd. Interest in Aston Bay
As announced in Commander Resources Ltd.’s (“Commander”, TSX-V: CMD) press release of May 2, 2016, Commander has sold 3.5 million shares of Aston Bay in an open market transaction to JP Morgan Asset Management U.K. Ltd. for gross proceeds to Commander of approximately $1 million.
Aston Bay is very pleased to have JP Morgan Asset Management U.K. Ltd. as a shareholder of the Company, as well as the continued involvement of Commander going forward.
Commander retains 11,003,777 shares in Aston Bay, of which 11,000,000 is escrowed on a four-year escrow release schedule. 25% of Commander’s 11,000,000 shares will become freely trading every February beginning in 2017.
Aston Bay has granted incentive stock options to directors, officers, employees and consultants entitling the purchase of an aggregate 1,400,000 common shares of Aston Bay at a per share price of $0.40 until May 18, 2023.
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.