Aston Bay Holdings Ltd. (TSXV: BAY | OTCQB: ATBHF) has entered into an agreement with Cantor Fitzgerald Canada Corporation, who has agreed to sell, on a commercially reasonable “best efforts” private placement basis, up to 26,315,789 units of the company at a price of C$0.19 per unit, for aggregate gross proceeds of up to C$5,000,000. Each Unit will be comprised of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at an exercise price of C$0.29 for 24 months following the completion of the LIFE offering.
The units to be issued under the LIFE offering will be offered to purchasers pursuant to the Listed Issuer Financing Exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions, in all the provinces and territories of Canada, except Quebec.
The company and the agent may increase the size of the offering, up to 48 hours prior to the closing date, by issuing up to an additional 10,526,316 units for additional gross proceeds of C$2,000,000.
Any additional units will be sold pursuant to the exemptions from the prospectus requirements in Canada other than the LIFE exemption in each of the jurisdictions of Canada and in offshore jurisdictions. Such additional units may be subject to a hold period under Canadian Securities Laws.
The company plans to use the net proceeds from the LIFE offering, and sale of any additional units, for exploration and development purposes of the company’s projects in Virginia, and for working capital and general corporate purposes. The LIFE offering, and sale of additional units, is scheduled to close on or about 21 September 2023, or such other date as the company and agent may agree and is subject to certain conditions customary for transactions of this nature, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
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