Aston Bay Holdings (TSXV: BAY) is looking to turn investor interest at its optioned out Storm Copper Project into cash, announcing mid-day yesterday that it is looking to raise funds through a brokered financing led by Cantor Fitzgerald.
The financing will see the company raise up to $5.0 million under a LIFE offering at $0.19 per unit, with each unit containing one common share and a common share purchase warrant. Warrants are to be valid for a period of two years from the date of issuance and contain an exercise price of $0.24 per share.
Aston Bay has indicated it may increase the financing by up to $2.0 million, however those units may be subject to a hold period, unlike units sold under the initial LIFE offering.
READ: Aston Bay Holdings Sees American West Metals Fall 21% After Assay Results At Storm Copper Project
Although investor interest as of late has been focused on the Storm Copper Project, proceeds from the financing will be used for the exploration and development for Aston’s projects in Virginia, as well as for working capital and general corporate purposes.
The firms assets in the state currently include the Buckingham Gold Project and the Mountain Base Metals Project. The latter has seen limited historic exploration and contains polymetallic VMS style mineralization among others.
The financing is currently slated to close September 21.
Aston Bay Holdings last traded at $0.215 on the TSX Venture.
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