Ashton Closes $1.3 Million Private Placement
VANCOUVER, BRITISH COLUMBIA--John S. Auston, President and CEO of
Ashton Mining of Canada Inc. ("Ashton") is pleased to announce the
closing on December 31, 1999 of a private placement of common
shares for gross proceeds of $1,316,807.
910,000 "flow-through" common shares have been reserved for
issuance to an arm's length party at a price of $0.55 per share.
The related funds have been placed in escrow. The funds will be
released from escrow to Ashton and, correspondingly, common shares
will be issued to the subscribing party as Ashton incurs
exploration expenditures eligible for renunciation under the
income tax rules applicable to flow-through shares.
Ashton also has issued 1,432,117 "non-flow-through" common shares
to Ashton Mining Limited ("AML") at $0.57 per share. As a result,
AML will maintain its 61.17% interest in the Company.
All shares are subject to a statutory hold period of twelve months
from date of issue. No fees or commissions were paid on account of
the private placement.
The proceeds from the private placement will be used to fund the
Company's winter drilling programs in Alberta, the Northwest
Territories and Nunavut and for general working capital.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Ashton Mining of Canada Inc.
Alessandro Bitelli
Vice-President, Finance
(604) 983-7750
Website: www.ashton.ca
or
Ashton Mining of Canada Inc.
Ariel White
Investor Relations
(604) 983-7750
Email: investor@ashton.ca |
