Aston Bay Holdings Ltd. (TSXV: BAY) closed the first tranche of its non-brokered private placement announced on June 18, 25 and July 11, 2014. Following the offering, the company has also issued an aggregate of 787,840 non-flow-throuhg united at $0.25 per unite and 768,000 flow-thought units at $0.25 per unit.
According to the company’s press release:
Each NFT Unit consists of one common share and one share purchase warrant (the “NFT Warrant”). Each FT Unit consists of one common share issued on a flow-through basis under the Income Tax Act (Canada) and one-half of one share purchase warrant, each whole share purchase warrant being a “FT Warrant”. Each NFT Warrant and each whole FT Warrant (together the “Warrants”) entitle the holder thereof to acquire one additional non-flow-through common share at a price of $0.40 per share until February 8, 2016, subject to accelerated expiry in certain circumstances. Aston Bay has the right to accelerate the expiry date of the Warrants to within 30 calendar days of notice of such accelerated expiry (subject to the date on which the Warrants would otherwise expire) if the volume weighted average trading price of the Company’s common shares on the TSX Venture Exchange is equal to or exceeds $0.80 over a period of 20 consecutive trading days following December 9, 2014. Such notice is to be given to the holders of the Warrants within five trading days of such 20-day period.