Dead duck now more dilution.
November 8, 2000
News Release: 00-21
Toronto Stock Exchange: ACA
For Immediate Release
ASHTON ANNOUNCES $2.25 MILLION FLOW-THROUGH OFFERING
Robert T. Boyd, President and CEO of Ashton Mining of Canada Inc.
("Ashton")
is pleased to announce that Ashton intends to raise up to $2,250,000
through
the sale of 3,000,000 units at $0.75 per unit. The offering will be
conducted on a best effort basis, and is expected to close not later
than
November 30, 2000.
Each unit will consist of one flow-through common share and one
half-warrant. Each whole warrant will entitle the holder to purchase one
additional non-flow-through common share at a price of $0.95 for a
period of
18 months from closing. Under certain circumstances, including Ashton's
shares trading above $2.00, Ashton retains the right to accelerate the
expiry of the warrant.
The shares to be issued under this offering will be sold on a private
placement basis and will not be qualified by a prospectus. As a result,
they will be subject to the applicable statutory hold periods. The
offering
is subject to a number of conditions including regulatory approval and
execution of formal documentation.
Ashton has agreed to pay an agent's commission of six percent of the
gross
proceeds on closing and to grant up to 100,000 options to the agent.
Each
option will entitle the agent to acquire one common share at $0.95 per
share
for a period of 18 months from closing.
The proceeds will be used to fund Ashton's winter and spring programs in
the
Northwest Territories, Nunavut, Alberta, Ontario and Quebec.
For information please visit our website at www.ashton.ca or contact:
Ariel Bowers
Investor Relations
investor@ashton.ca
(604) 983-7750
-or-
Robert Boyd
President and CEO |
