CEO sends strong signal!
Aston Bay (TSX.V: BAY, FSE: 6AY, WKN: A2AUFP) has successfully completed the last of its three tranches to increase its share capital. Across all tranches, Aston Bay raised total gross proceeds of 4,130,460 Canadian dollars (CAD).
On 24 April 2024, Aston Bay announced for the first time that it would issue new shares to finance its further activities. Since then, two tranches have already been successfully placed with interested investors. The third, final and smallest tranche of this capital increase has now also been successfully completed.
It included the issue of 230,000 non-flow-through units at a price of CAD 0.12 per unit and 3,900,000 flow-through shares at a price of CAD 0.15 per unit. The 3.9 million flow-through shares could only be subscribed for by Canadian investors due to Canadian tax legislation
In total, Aston Bay received gross proceeds of CAD 612,600 from the two classes of shares in the fourth tranche. Together with the proceeds from the previous tranches, this results in total proceeds of CAD 4,130,460. Aston Bay paid six per cent of the proceeds or CAD 30,600 as commission to the intermediaries of the capital increase.
The CEO of Aston Bay sends a clear signal as an insider
Aston Bay Holdings plans to use the net proceeds from the capital increase for the exploration and development of its projects in Nunavut (Canada) and Virginia (USA), as well as for working capital and general corporate purposes.
Thomas Ullrich, CEO of Aston Bay, made a particularly strong statement. He subscribed for 500,000 flow-through units, emphasising how undervalued Aston Bay shares currently are compared to the intrinsic value of the company’s projects and assets. After all, the company also owns 20% of partner American West Metals‘ Storm project where more than 200,000 t copper have already been defined in an initial resource estimate. Overall, Ullrich now holds almost 12 million Aston Bay shares, all bought with his own, private money!
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