Aston Bay Holdings Ltd. (TSXV:BAY) has, further to previous press releases, modified a condition precedent contained in its memorandum of understanding with a 100 percent owned subsidiary of Antofagasta plc, which was described in its June 18, 2014 release. The modifications mean that the minimum amount to be raised in the current private placement has been reduced from US$1,000,000 to US$700,000.

As quoted in the press release:

In addition, the MOU has been further amended such that the US$250,000 private placement with Antofagasta (the “Placement”), which was also described in the June 18, 2014 release, will be repriced such that each non-flow-through unit of the Placement will now be issued to Antofagasta at a per-unit price of CDN$0.35 and will consist of one common share and one share purchase warrant (the “Arms’ Length NFT Warrant”) of the Company. Each Arms’ Length NFT Warrant will entitle the holder thereof to acquire one additional non-flow-through common share at an exercise price of CDN$0.55 per share for a period of 18 months from closing. In addition, the Company has amended the terms of the flow-through units (the “FT Units”) comprising the Offering. Each FT Unit will now be issued at a per-unit price of CDN$0.25 and will consist of one “flow-through” common share and one-half of one share purchase warrant. Each whole share purchase warrant (the “FT Warrant”) and each warrant comprising the NFT Units described in the June 25, 2014 news release (the “NFT Warrant”) will entitle the holder thereof to acquire one additional non-flow-through common share at an exercise price of CDN$0.40 per share for a period of 18 months from closing, subject to accelerated expiry.

Click here to read the Aston Bay Holdings (TSXV:BAY) press release