Aton Resources Inc. Announces Closing of $2 Million Private Placement
VANCOUVER, April 22, 2022 - Aton Resources Inc. (AAN: TSX-V) ("Aton" or the "Corporation") is pleased to announce that it has closed its previously announced non-brokered private placement (see news release dated February 23, 2022) (the "Private Placement"). A total of 13,333,333 common shares (each a "Share") were issued at $0.15 per Share, for proceeds of $2,000,000. Pursuant to National Instrument 62-103 - The Early Warning System and Related Take Over Bid and Insider Reporting Issues, OU Hektik ("Hektik") acquired an aggregate of 12,763,333 Shares in the Private Placement. Immediately prior to the Private Placement, Hektik held 6,031,891 common shares. With the acquisition of the Shares in the Private Placement, Hektik now holds 18,795,224 common shares, representing approximately 33.55% of the outstanding common shares of the Corporation.
Prior to the closing of the Private Placement, disinterested shareholders holding over 50% of the Corporation's common shares confirmed their approval of Hektik becoming a Control Person (as defined below) of the Corporation.
A "Control Person" means any company or individual that holds or is one of a combination of persons that holds a sufficient number of any of the securities of an issuer so as to affect materially the control of that issuer, or that holds 20% or more of the outstanding voting shares of an issuer, except where there is evidence showing that the holder of those securities does not materially affect the control of the issuer, subject to TSXV review and approval.
The acquisition of the Shares by Hektik was effected for investment purposes. Hektik may from time to time acquire additional securities of Aton, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position.
The early warning report, as required under National Instrument 62-103, contains additional information with respect to the foregoing matters and will be filed by Hektik on Aton's SEDAR profile at www.sedar.com.
Use of Private Placement Proceeds
The net proceeds from the Private Placement will be used to fund continued exploration and development activities at Aton's Rodruin and Hamama concessions, located in Egypt, and for general working capital. All currency amounts are in Canadian dollars.
Additional Terms
All Shares issued in the Private Placement will be subject to a four month hold period from the date of issuance, expiring August 23, 2022, in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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:
Tonno Vahk
Interim CEO
Tel: +1 604 318 0390
Email: info@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.