Aston Bay Holdings Closes $1.38M First Tranche of Non-Brokered Private Placement

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TORONTO, ON / ACCESSWIRE / May 9, 2024 / Aston Bay Holdings Ltd. (TSXV: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 April 24, 2024 (the "Offering"). Pursuant to this first tranche of the Offering, the Company has issued 9,200,000 flow-through shares (each a "FT Share") at a price of $0.15 per FT Share, for aggregate gross proceeds of $1,380,000. The closing is subject to final acceptance of the TSX Venture Exchange.

All shares acquired by the placees under the first tranche of the Offering, are subject to a hold period until September 10, 2024, in accordance with applicable Canadian securities legislation. In connection with the closing of the first tranche of the Offering, Aston Bay has paid aggregate cash finder's fees of $82,880 to three arm's length finders, representing 6% of the proceeds raised from subscriptions by placees introduced by the finders.

Non-flow through units (the "Units") at a price of $0.12 per Unit (the "LIFE Offering") and FT Shares at a price of $0.15 per FT Share continue to be available as part of the Offering, in which the Company may raise up to an additional $3,620,000. Each Unit will consist of one Common Share and one common share purchase warrant (a "Warrant"), with each Warrant entitling the holder thereof to acquire an additional Common Share (the "Warrant Share") at an exercise price of $0.18 per Warrant Share for a period of 24 months from the date of issuance.

The Units to be issued under the LIFE Offering will be offered to purchasers pursuant to the Listed Issuer Financing Exemption (the "LIFE Exemption") under Part 5A of National Instrument 45-106 - Prospectus Exemptions, in all the provinces and territories of Canada, except Quebec. The FT Shares 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. The FS Shares will be subject to statutory hold periods in accordance with applicable Canadian Securities Laws.