Aton Closes First Tranche of Private Placement
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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.
About Aton Resources Inc. | ||
Aton Resources Inc. (AAN: TSX-V) is focused on its 100% owned Abu Marawat Concession (“Abu Marawat”), located in Egypt’s Arabian-Nubian Shield, approximately 200 km north of Centamin’s world-class Sukari gold mine. Aton has identified numerous gold and base metal exploration targets at Abu Marawat, including the Hamama deposit in the west, the Abu Marawat deposit in the northeast, and the advanced Rodruin exploration prospect in the south of the Concession. Two historic British gold mines are also located on the Concession at Sir Bakis and Semna. Aton has identified several distinct geological trends within Abu Marawat, which display potential for the development of a variety of styles of precious and base metal mineralisation. Abu Marawat is 447.7 km2 in size and is located in an area of excellent infrastructure; a four-lane highway, a 220kV power line, and a water pipeline are in close proximity, as are the international airports at Hurghada and Luxor. |
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Note Regarding Forward-Looking Statements |