VANCOUVER, British Columbia, Nov. 09, 2018 (GLOBE NEWSWIRE) — Aton Resources Inc. (AAN: TSX-V) (“Aton” or the “Corporation”) announces that it has entered into a bridge loan facility (the “Facility“) with Ou Moonrider (“Moonrider“), a significant shareholder of the Corporation. Pursuant to the Facility, the Corporation will borrow C$ 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 C$ 1.5 million. The loan will bear interest at a rate of 10% 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 $0.055 per share, being the closing price of the Corporation’s common shares on November 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 fund 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 Inc. (AAN: TSX-V) is focused on its 100% owned Abu Marawat Concession (“Abu Marawat”), located in Egypt’s Arabian-Nubian Shield, approximately 200km north of Centamin’s Sukari gold mine. Aton has identified a 40km long gold mineralised 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 historic British mines. Aton has identified several distinct geological trends within Abu Marawat, which display potential for the development of RIRG and orogenic gold mineralisation, VMS precious and base metal mineralisation, and epithermal-IOCG precious and base metal mineralisation. Abu Marawat is over 738km2 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.
For further information regarding Aton Resources Inc., please visit us at www.atonresources.com or contact:
President and Chief Executive Officer
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.