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VANCOUVER, British Columbia, Sept. 02, 2020 (GLOBE NEWSWIRE) -- Aton Resources Inc. (AAN: TSX-V) (“Aton” or the “Company") announces further to its news release of July 29, 2020 that it is proceeding with its previously announced 10:1 share consolidation, and will be rescheduling the closing of its placement announced July 29, 2020 to a date after the consolidation has been completed.
The Company anticipates the consolidation will take place in approximately mid-September, subject to receipt of TSX Venture approval. The Company will provide a further update once the effective date of the consolidation has been determined.
After giving effect to the consolidation, the placement is a non-brokered private placement of up to $5-million through the issuance of up to 12.5 million units of the company at a price of $0.40 per unit. Each unit consists of one common share of the company and one-half of a share purchase warrant, each entitling the holder to acquire an additional common share of the company for a period of two years from closing at a price of $0.80 cents per warrant share. The net proceeds from the placement will be used to finance continued exploration and development activities at Aton's Abu Marawat concession, located in Egypt, and for general corporate purposes. For further information respecting the placement, please see the Company’s July 29, 2020 news release.
| About Aton Resources Inc. | ||
| Aton Resources Inc. (AAN: TSX-V) is focused on its 100% owned Abu Marawat Concession (“Abu Marawat”), located in Egypt’s Arabian-Nubian Shield, approximately 200 km north of Centamin’s world-class Sukari gold mine. Aton has identified numerous gold and base metal exploration targets at Abu Marawat, including the Hamama deposit in the west, the Abu Marawat deposit in the northeast, and the advanced Rodruin exploration prospect in 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 display potential for the development of a variety of styles of precious and base metal mineralisation. Abu Marawat is 447.7 km² in size and is located in an area of excellent infrastructure; a four-lane highway, a 220kV power line, and a water pipeline are in close proximity, as are the international airports at Hurghada and Luxor. | For further information regarding Aton Resources Inc., please visit us at www.atonresources.com or contact: MARK CAMPBELL President and Chief Executive Officer Tel: +202-27356548 Email: mcampbell@atonresources.com | |
| Note Regarding Forward-Looking Statements | ||
| Some of the statements contained in this release are forward-looking statements. Since forward-looking statements address future events and conditions; by their very nature they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. | ||
| Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. | ||
| This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available. | ||