VANCOUVER, British Columbia, February 5, 2021 (GLOBE NEWSWIRE) – Aton Resources Inc. (AAN: TSX-V) (“Aton” or the “Company”) announces that it has entered into a Bridge Credit Facility (the “Establishment“) with Our Moonrider (“Moonrider“), a significant shareholder of the Company. Under the terms of the Facility, the Company may borrow up to CA $ 400,000 from Moonrider, which Facility is repayable no earlier than six months after closing, in various circumstances. default, or upon the closing of any debt or equity financing of the Company in an amount greater than C $ 1.5 million. The Facility will bear interest at the rate of 12% per annum, payable at maturity. of Ease.
Under the Facility, Moonrider will receive bonus warrants each time it is drawn on the Facility allowing it to acquire ordinary shares of the Company. The number of bonus warrants that may be issued at each drawdown will be determined by dividing the amount of the drawdown by the price of the Company’s ordinary shares on the drawdown date. The exercise price of the warrants will be the market price on the date of issue. The bonus warrants may be exercised for a period of 12 months from each draw.
The full drawdown of the C $ 400,000 facility has been completed, giving Moonrider 1,600,000 bonus warrants with an exercise price of $ 0.25 per share and an expiration date of February 5, 2022.
The proceeds of the facility will be used by the Company to fund working capital expenses, while the Company awaits all approvals to complete the previously announced private placement financing (see press release dated October 22, 2020).
The facility is subject to the approval of the TSX Venture Exchange.
About Aton Resources Inc.
Aton Resources Inc. (AAN: TSX-V) focuses on its 100% owned Abu Marawat concession (“Abu Marawat”), located in the Arab-Nubian Shield of Egypt, approximately 200 km north of the gold mine world-class Sukari from Centamin. Aton has identified numerous gold and base metal exploration targets at Abu Marawat, including the Hamama deposit to the west, the Abu Marawat deposit to the northeast, and the Rodruin advanced exploration prospect to 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 have the potential for the development of a variety of styles of precious and base metal mineralization. Abu Marawat is 447.7 km away2 in size and is located in an area of excellent infrastructure; a four-lane motorway, a 220 kV power line and a water pipeline are in the immediate vicinity, as are the international airports of Hurghada and Luxor.
For more information on Aton Resources Inc., please visit us at www.atonresources.com or contact:
President and CEO
Phone. : + 202-27356548
Note regarding forward-looking statements
Some of the statements contained in this press release are forward-looking statements. Since forward-looking statements deal with future events and conditions; by their nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.