Aston Bay Holdings Ltd. (TSXV:BAY) announced that further to its news release from April 24, 2014, Aston Bay has amended its Memorandum of Understanding with Lyncorp International Ltd. for the purchase of equipment including four Christensen CS10 Core Drills and all associated equipment. The transaction will close following the end of the period of exclusivity between Aston Bay and a major mining company, as previously announced.
As quoted in the press release:
Aston Bay and Lyncorp have agreed to modify the payment terms, such that the Company will pay $300,000 in cash by July 10, 2014; $325,000 in cash by August 10, 2014; and $375,000 in cash or stock (valued on the previous 10-day weighted average prior to the date of payment), which is to be made by July 10, 2015. The amended payment terms allow for less effective dilution of the Company’s stock, which is currently trading higher than on the date of the original MOU.