Aton Resources Inc. (TSX-V:AAN) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (see news release dated May 14, 2019). In the first tranche, a total of 36,000,000 common shares were issued at $0.025 per Share, for proceeds of $900,000.
“We are pleased to announce that we have a closed the first tranche of our $1.5M financing,” commented Mark Campbell, President and CEO. “Aton is fortunate have our very supportive cornerstone investors who have once again participated. The funds being raised now will allow us to continue exploration at our Abu Marawat Concession area, but at the same time await the investor friendly reforms coming in Egypt to the mining terms and conditions, which investors are waiting to see and we believe will be enacted before the year-end.”
Pursuant to National Instrument 62-103 – The Early Warning System and Related Take Over Bid and Insider Reporting Issues, OU Moonrider acquired an aggregate of 35,000,000 Shares in the private placement. With the acquisition of the Shares, Moonrider now holds approximately 32.27% of the outstanding common shares of the Company.
The acquisition of the Shares by Moonrider was effected for investment purposes. Moonrider may from time to time acquire additional securities of Aton, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position.
The early warning report, as required under National Instrument 62-103, contains additional information with respect to the foregoing matters and will be filed by Moonrider on Aton’s SEDAR profile at www.sedar.com.
Use of Private Placement Proceeds
The net proceeds from the Private Placement will be used to fund continued exploration and development activities at Aton’s Abu Marawat concession, located in Egypt and for general corporate purposes.
All Shares issued in the Private Placement will be subject to a four month hold period from the date of issuance, expiring October 8, 2019, in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Aton Resources Inc.
Aton Resources Inc. is focused on its 100% owned Abu Marawat Concession located in Egypt’s Arabian-Nubian Shield, approximately 200km north of Centamin’s Sukari gold mine. Aton has identified a 40km long gold mineralised trend at Abu Marawat, anchored by the Hamama deposit in the west and the Abu Marawat deposit in the east, containing numerous gold exploration targets, including three historic British mines. Aton has identified several distinct geological trends within Abu Marawat, which display potential for the development of RIRG and orogenic gold mineralisation, VMS precious and base metal mineralisation, and epithermal-IOCG precious and base metal mineralisation. Abu Marawat is over 738km2 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.
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