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

To: Famularo who wrote (7622)	5/9/2000 12:15:00 PM
From: Martin Wormser	Read Replies (1) \| Respond to of 7966

ASHTON ANNOUNCES RIGHTS OFFERING John S. Auston, President and CEO of Ashton Mining of Canada Inc. ("Ashton"), is pleased to announce that the Board of Directors has approved the re-financing of the Corporation by way of a Rights Offering to raise up to $5.9 million of new equity. Under the Offering each holder of common shares on May 19, 2000 (the "Record Date") will receive one Right for each common share held. Each four Rights will entitle the holder to subscribe to either one non flow-through common share of Ashton at a price of $0.80 or one flow-through common shares of Ashton at a price of $0.85. The holder may do so at any time until the expiry of the Rights at 4:00 pm (Vancouver time) on Friday, June 9, 2000 (the "Expiry Time"). Holders of Rights who exercise their Rights in full are entitled to subscribe for additional common shares (under additional subscription privileges) on a pro-rata basis. Ashton Mining Limited ("AML"), the Corporation's 61.6% shareholder, has agreed, subject to certain conditions, to exercise the Rights issued to it under the Offering and to subscribe for any remaining common shares not otherwise subscribed for at the Expiry Time subject to a maximum aggregate subscription by AML of $5.7 million. The maximum number of approximately 7.18 million common shares could be issued under the Offering for maximum proceeds of $5.9 million. The proceeds will be used to fund Ashton's exploration programs in the Northwest Territories, Nunavut, Alberta and Quebec, for working capital to fund general operating expenditures and to pay the expenses of the Offering. A detailed Rights Offering Circular and Rights Certificates will be mailed to all shareholders of Ashton as of the Record Date who reside in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia and Newfoundland and to AML. Shareholders resident in any other jurisdiction are deemed to be ineligible to participate in the offering and will not receive Rights Certificates or be eligible to exercise Rights. Montreal Trust Company of Canada will attempt to sell their Rights on the Toronto Stock Exchange and will distribute the net proceeds from those sales, if any, to the ineligible shareholders on a pro-rata basis. The Rights Offering is subject to receipt by the Corporation of all applicable regulatory approvals. For more information visit our website at www.ashton.ca or contact: John S. Auston President & CEO (604) 983-7750 Ariel Bowers Investor Relations investor@ashton.ca