Aston Bay Holdings Announces Extension of Private Placement

Rhea-AI Summary

Aston Bay Holdings Ltd. (OTCQB:ATBHF) has received an extension from the TSX Venture Exchange to finalize a non-brokered private placement, with a target of raising up to $2,000,000 by March 11, 2022. The offering consists of units priced at $0.06 each, with each unit including a warrant exercisable at $0.12 over 24 months. The first tranche raised $808,410 by issuing 13,473,500 units. Completion is contingent on final Exchange approval.

Positive

• Extension granted to complete a $2,000,000 private placement.
• First tranche raised $808,410, showing investor interest.

Negative

• No guarantee of completing the offering, introducing uncertainty.

Not for distribution in the United States or to United States newswire services

TORONTO, ON / ACCESSWIRE / February 16, 2022 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF)(FRA:6AY) ("Aston Bay" or the "Company") announces that the Company has been granted an extension by the TSX Venture Exchange ("TSX-V" or the "Exchange") to complete the previously announced non-brokered private placement (the "Offering") of aggregate gross proceeds of up to $2,000,000, by no later than March 11, 2022.

The Offering consists of Units at a price of $0.06 per Unit, as announced in the Company's news release dated November 29, 2021. Each Unit will consist of one common share of the Company and one full warrant (a "Warrant") entitling the holder thereof to acquire an additional common share (the "Warrant Share") at an exercise price of $0.12 per Warrant Share for a period of 24 months from the date of issuance. The Warrants will be subject to acceleration provisions when the volume weighted average trading price is greater than $0.25 for 10 consecutive trading days.

As announced in its news release dated December 21, 2021, the Company closed the first tranche of the Offering, issuing 13,473,500 Units for aggregate gross proceeds of $808,410. There can be no assurances that the Company will be able to complete the Offering. The Offering is subject to the final approval of the Exchange and all regulatory approvals.

About Aston Bay Holdings

Aston Bay is a publicly traded mineral exploration company exploring for gold and base metal deposits in Virginia, USA, and Nunavut, Canada. The Company is led by CEO Thomas Ullrich with exploration in Virginia directed by the Company's advisor, Don Taylor, the 2018 Thayer Lindsley Award winner for his discovery of the Taylor Pb-Zn-Ag Deposit in Arizona.

The Company is currently drilling the Mountain Copper-Zinc Project in Virginia, and conducting initial exploration at the Buckingham Gold Project (in Virginia).

The Company is also 100% owner of the property Storm Project, which hosts the Storm Copper Project and the Seal Zinc Deposit and has been optioned to American West Metals Limited.

Forward-Looking Statements

Statements made in this press release, including those regarding the closing and the use of proceeds of the private placement, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute "forward-looking statement", which can be identified by the use of conditional or future tenses or by the use of such verbs as "believe", "expect", "may", "will", "should", "estimate", "anticipate", "project", "plan", and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation. We seek safe harbour.

Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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.

FOR ADDITIONAL INFORMATION CONTACT:

Thomas Ullrich, Chief Executive Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516

Salisha Ilyas, Investor Relations
salisha.ilyas@astonbayholdings.com
(647) 209-9200

SOURCE: Aston Bay Holdings Ltd.

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FAQ

What is the purpose of Aston Bay Holdings' private placement?

The private placement aims to raise up to $2,000,000 to fund the company's exploration projects.

What is the price per unit in Aston Bay's private placement?

The price per unit in the private placement is set at $0.06.

When is the deadline to complete the Aston Bay private placement?

The deadline to complete the private placement is March 11, 2022.

How much did Aston Bay raise in the first tranche of the offering?

Aston Bay raised $808,410 in the first tranche by issuing 13,473,500 units.

What is the exercise price for the warrants associated with Aston Bay's private placement?

The exercise price for the warrants is $0.12 per warrant share.