By Sheri Kasprzak
Atlanta, Nov. 8 - Ashton Mining Inc. said Monday it plans to raise C$2.3 million in a private placement.
The company will offer up to 2 million flow-through common shares at C$1.15 each on a best-efforts basis.
Dundee Securities Inc. will serve as placement agent in the offering and may place an additional 500,000 flow-through shares before the deal closes. The company expects the deal to wrap up by Dec. 6.
Ashton will pay Dundee 5% of the gross proceeds in the offering. Dundee will also receive broker warrants for common shares equal to 5% of the number of flow-through shares sold. The broker warrants allow for the purchase of one common share at $1.30 for 18 months.
Ashton is a Vancouver, B.C.-based diamond exploration company. It plans to use the proceeds from the financing for its exploration projects in Quebec and elsewhere in Canada.
| Issuer: | Ashton Mining Inc.
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| Issue: | Stock
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| Amount: | C$2.3 million
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| Shares: | 2 million flow-through common shares
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| Price: | C$1.15
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| Warrants: | No
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| Placement agent: | Dundee Securities Inc.
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| Announcement date: | Nov. 8
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| Settlement date: | Dec. 6
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| Stock price: | C$1 at close Nov. 5
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