Vancouver, British Columbia – December 17, 2015 – Aston Bay Holdings Ltd. (TSX-V: BAY) (“Aston Bay” or the “Company”) and Commander Resources Ltd. (TSX-V: CMD) (“Commander”) are pleased to announce that the companies have agreed to consolidate ownership of the original core land holdings in the Storm Copper Property, located on Somerset Island, Nunavut Territory (“Storm” or the “Storm Property”), which also includes the Seal Zinc prospect. Upon completion of the terms outlined below, Aston Bay will own a 100% interest in the original core land holdings for the Storm Copper Property.
Key points of the agreement are as follows:
The number of shares issued will be calculated to bring Commander’s shareholdings to 25% of the outstanding share capital in Aston Bay at the time of the issuance; but, will be capped at a maximum of 5,500,000 common shares.
The transaction is subject to a number of conditions precedent including, without limitation, receipt of all required corporate and regulatory approvals (including shareholder approval and the approval of the TSX Venture Exchange).
“This agreement represents an important milestone for Aston Bay”, says Benjamin J. Cox, President and CEO of Aston Bay. “Simplifying the ownership of the Storm Copper Property provides greater opportunity for Aston Bay to attract funding partners and advance the property”.
Immediately following the closing of the agreement, Commander will hold approximately 14,500,000 shares of Aston Bay, or approximately 29% of the Company. This figure excludes the up to 5,500,000 additional shares to be issued at a later date, as stated above.
Aston Bay’s 2016 exploration program is in the early planning stages, but is anticipated to include some of the following:
The content of this news release and the technical information that forms the basis for this disclosure has been prepared under the supervision of Michael Dufresne, M.Sc., P.Geol., who is the Qualified Person as defined by NI 43-101 and a consultant to Aston Bay.
About Aston Bay Holdings
Aston Bay Holdings Ltd. (TSX-V: BAY) is a publicly traded mineral exploration company focused on the 641,415-acre (259,570 hectares) 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.
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