Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : ASHTON MINING OF CANADA (ACA) -- Ignore unavailable to you. Want to Upgrade?

To: griz who wrote (7428)	1/4/2000 1:42:00 PM
From: BLZBub	Read Replies (1) \| Respond to of 7966

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. -30- 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