1 hour ago.... VANCOUVER, British Columbia, Oct. 30, 2020 (GLOBE NEWSWIRE) -- Aton Resources Inc. (TSX-V: AAN) (“Aton” or the “Company”) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (see news release dated October 22, 2020) (the “Offering”). In the first tranche, a total of 400,000 units (each a “Unit”) were issued at $0.40 per Unit, for proceeds of $160,000. Each Unit consists of one common share (a “Share”) and one half of a share purchase warrant (each whole warrant a “Warrant”). Each Warrant will entitle the holder to purchase an additional common share at $0.80 for a period of three years from closing.
The net proceeds of the Offering will be used to fund further exploration activities at the Company’s 100% owned Abu Marawat Concession, located in Egypt. In addition, part of the funds will be used to fund Aton’s working capital requirements.
All securities to be issued pursuant to the Offering will be subject to a four month hold period from the closing date under applicable securities laws in Canada, expiring March 1, 2021.
Aton anticipates that the second tranche closing of the Offering will take place in mid to late November.