VANCOUVER, British Columbia, March 31, 2021 (GLOBE NEWSWIRE) – Aton Resources Inc. (AAN: TSX-V) (“Aton” or the “Company”) announces that it has entered into an additional bridge loan (the “To lend“) with OR Moonrider (“Moonrider“), a significant shareholder of the Company.
The Company has borrowed CA $ 2,000,000 from Moonrider, which loan is repayable no earlier than six months after closing, upon the occurrence of various ongoing events of default or upon the closing of any debt or equity financing of the Company. in an amount greater than C $ 5.0 million. The Loan will bear interest at the rate of 12% per year, payable on maturity of the Loan.
Moonrider will be issued 8,510,638 warrants with an exercise price of $ 0.235 per share and an expiration date of March 31, 2022.
Bonus warrants are subject to the approval of the TSX Venture Exchange.
Update of operations
The Company has started the process of evaluating drilling contractors and civil engineering contractors for the start of drilling at Hamama and Rodruin. The proceeds of the loan enabled the Company to finalize and sign commitments with these contractors and to resume drilling before the completion of an equity financing.
The proceeds of the loan will be used by the Company for current working capital expenses, finalization of a drilling contract, acquisition of essential capital items required, completion of civil works in preparation for commencement drilling, such as the construction of roads, drilling platforms, the construction of a new exploration camp at the Company’s Rodruin project and the resumption of the drilling program.
“I would like to thank OU Moonrider for their continued support to Aton ”, said Bill Koutsouras, chairman of the board of directors of Aten. “This bridge loan strengthens our capital to continue all of the work required to begin our next drilling program, as we continue our ongoing discussions with potential strategic investors to assess other financing alternatives available to the Company. This also prevents significantly dilutive equity financing from being carried out at this stage ”.
About Aton Resources Inc.
Aton Resources Inc. (AAN: TSX-V) focuses on its 100% owned Abu Marawat concession (“Abu Marawat”), located in the Arab-Nubian Shield of Egypt, approximately 200 km north of the gold mine world-class Sukari from Centamin. Aton has identified numerous gold and base metal exploration targets at Abu Marawat, including the Hamama deposit to the west, the Abu Marawat deposit to the northeast, and the Rodruin advanced exploration prospect to the south of the Concession. Two historic British gold mines are also located on the concession at Sir Bakis and Semna. Aton has identified several distinct geological trends within Abu Marawat, which have potential for the development of a variety of styles of precious and base metal mineralization. Abu Marawat is 447.7 km away2 in size and is located in an area of excellent infrastructure; a four-lane motorway, a 220 kV power line and a water pipeline are in the immediate vicinity, as are the international airports of Hurghada and Luxor.
For more information on Aton Resources Inc., please visit us at www.atonresources.com or contact:
President of the council
Phone. : +1 345 525 2512
E-mail: [email protected]
Note regarding forward-looking statements
Some of the statements contained in this press release are forward-looking statements. Since forward-looking statements deal with future events and conditions; by their nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.