Aston Bay Holdings Ltd. (TSXV:BAY) announced that the non-flow-through portion of the non-brokered private placement previously announced on October 15, 2013 has been over-subscribed. The Company now proposes to issue up to 52 non-flow-through (NFT) units at a price of $3,000 per NFT unit, for gross proceeds of up to $156,000.
As quoted in the press release:
Each NFT Unit consists of 20,000 non-flow-through common shares of the Company (the “NFT Shares”) priced at $0.15 and 10,000 Warrants. Each Warrant will entitle the holder to acquire an additional NFT Share at a price of $0.30 per NFT Share for a period of two years from the date of issuance, subject to accelerated expiry in certain circumstances. Insiders of the Company have subscribed for the entire Offering. The Company is also proceeding with the flow-through portion of the private placement announced on October 15, 2013.