Aston BAY Holdings Closes First Tranche of Non-Brokered Private Placement
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FOR IMMEDIATE RELEASE TSX-V: BAY
ASTON BAY HOLDINGS CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT
February 28, 2020 - Aston Bay Holdings Ltd. (TSX- V:BAY; OTCQB:ATBHF) (“Aston Bay” or the
“Company”) is pleased to announce that it has today closed a first tranche of the Company’s non-
brokered private placement, previously announced on January 6, 2020 (the “Offering”). Pursuant
to this first tranche of the Offering, the Company has issued 17,711,267 units (each a “Unit”) at
a price of $0. 06 per Unit, for aggregate gross proceed s of $1,062,676. The closing is subject to
final acceptance of the TSX Venture Exchange.
Each Unit consists of one common share of the Company and one full warrant (a “Warrant”).
Each Warrant entitles the holder to acquire an additional common share of th e Company at an
exercise price of $0. 12 per Warrant for a period of 24 months from the date of issuance. The
Warrants are subject to acceleration provisions when the volume weighted average trading price
is greater than $0.25 for 10 consecutive trading days.
In connection with the closing of the first tranche of the Offering, Aston Bay has paid aggregate
cash finder’s fee s of $13,740 to three arm’s length finders , representing 6% of the proceeds
raised from subscriptions by certain placees introduced by the finders. The Company has issued
to the finder s share purchase warrants (the “Finder’s Warrants”) entitlin g the purchase of an
aggregate 229,000 common shares, on the same terms as the Warrants.
All shares acquired by the placees under the first tranche of the Offering, and shares which may
be acquired upon the exercise of the Warrants and the Finder’s Warrants, are subject to a hold
period until June 29 , 20 20, in accordance with applicable Canadian securities legislation.
Warrants and Finder’s Warrants issued in the first tranche of the Offering are exercisable at $0.12
to purchase one common share of the Company until February 28, 2022.
Proceeds of this Offering will be used for exploration activities at the Company’s Virginia gold
properties and for general corporate purposes.
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 has also acquired the exclusive rights to an integrated dataset over certain
prospective private lands at the Blue Ridge Project and has signed agreements with timber and
land companies which grants the company the option to lease the mineral rights to 11,065 acres
of land located in central Virginia. These lands are located within a gold -copper-lead-zinc
mineralized belt prospective for Carolina slate belt gold deposits, as well as sedimentary VMS,
exhalative (SEDEX) and Broken Hill (BHT) type base metal deposits. Don Taylor, who led the
predecessor company to Blue Ridge and assembled the dataset, has joined the Company’s
Advisory Board and will be directing the Company’s exploration activities for the Blue Ridge
Project. The Company is actively exploring the Buckingham Gold Project in Virginia and is in
advanced stages of negotiation on other lands in the area.
The Company is also 100% owner of the Aston Bay Property located on western Somerset Island,
Nunavut, which neighbours Teck’s profitable, past-producing Polaris (Pb-Zn) Mine just 200km to
the north. The Aston Bay Property hosts the Storm Copper Project and the Seal Zinc Deposit with
drill-confirmed presence of sediment-hosted copper and zinc mineralization.
The Company’s public disclosure documents are available on www.sedar.com.
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 it s 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 place d 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, exc ept 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 CANAD IAN 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
Telephone: (416) 456-3516