Aton Resources receives $1-million loan from Moonrider
ATON RESOURCES Inc. has entered into a bridge loan facility with Ou Moonrider, a significant shareholder of the corporation. Pursuant to the facility, the corporation will borrow $1-million from Moonrider, which loan is repayable on the earlier of six months from closing, on the occurrence of various standard events of default, or on the closing of any debt or equity financing by the corporation in an amount in excess of $1.5-million. The loan will bear interest at a rate of 10 per cent per annum, payable when the loan is due. In connection with the facility, Moonrider will be issued bonus warrants entitling it to acquire 18,181,818 common shares of the corporation at a price of 5.5 cents per share, being the closing price of the corporation’s common shares on Nov. 8, 2018. The bonus warrants are exercisable for a period of 12 months from closing. The proceeds of the facility will be used by the corporation to finance further exploration work at Abu Marawat, and for general working capital purposes.
The facility is subject to the approval of the TSX Venture Exchange.
About Aton Resources Inc. Aton Resources is focused on its 100-per-cent-owned Abu Marawat concession, located in Egypt’s Arabian-Nubian Shield, approximately 200 kilometres north of Centamin’s Sukari gold mine. Aton has identified a 40-kilometre-long gold mineralized trend at Abu Marawat, anchored by the Hamama deposit in the west and the Abu Marawat deposit in the east, containing numerous gold exploration targets, including three historical British mines. Aton has identified several distinct geological trends within Abu Marawat, which display potential for the development of RIRG and orogenic gold mineralization, VMS (volcanogenic massive sulphide) precious and base metal mineralization, and epithermal-IOCG- (iron oxide copper-gold) precious and base metal mineralization. Abu Marawat is over 738 square kilometres in size and is located in an area of excellent infrastructure, with a four-lane highway, a 220-kilovolt power line and a water pipeline in close proximity.
Giles Edward Baynham, Mark Wallace Campbell, Anthony Paul Clements, William Koutsouras, David Charles Laing, Tonno Vahk
(AAN) Shares: 267,783,223