Aton Announces Closing of Debt Settlement
VANCOUVER, British Columbia, April 26, 2021 (GLOBE NEWSWIRE) -- Aton Resources Inc. (AAN: TSX-V) ("Aton" or the "Corporation") is pleased to announce that, further to its news release of April 12, 2021, it has settled a total of CAD$116,348.49 in debt (the “Debt”) to directors and employees in exchange for 484,785 common shares (the “Shares”) at a price of $0.24 per Share (the “Shares for Debt Transaction”).
Certain of the Shares for Debt Transactions are “related party transactions” under applicable securities laws, as directors Bill Koutsouras, Tonno Vahk, and Anthony Clements, and former director David Laing (collectively the “Insiders”), participated in the Shares for Debt Transaction. Each of the Insiders abstained from voting on the resolution approving the Shares for Debt Transaction that related to him. Each of these Shares for Debt Transactions is exempt from the formal valuation and minority approval requirements under Multilateral Instrument 61-101, as neither the value of the shares issued to, nor the aggregate debt settled with respect to, any directors of the Company in connection with the Shares for Debt Transactions will exceed 25% of the Company’s market capitalization on the date hereof.
All Shares issued will be subject to a four-month hold period, expiring August 24, 2021, and no new control person will be created as a result of the Shares for Debt Transactions.
About Aton Resources Inc.
Aton Resources Inc. (AAN: TSX-V) is focused on its 100% owned Abu Marawat Concession (“Abu Marawat”), located in Egypt’s Arabian-Nubian Shield, approximately 200 km north of Centamin’s world-class Sukari gold mine. Aton has identified numerous gold and base metal exploration targets at Abu Marawat, including the Hamama deposit in the west, the Abu Marawat deposit in the northeast, and the advanced Rodruin exploration prospect in 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 display potential for the development of a variety of styles of precious and base metal mineralisation. Abu Marawat is 447.7 km2 in size and is located in an area of excellent infrastructure; a four-lane highway, a 220kV power line, and a water pipeline are in close proximity, as are the international airports at Hurghada and Luxor.
For further information regarding Aton Resources Inc., please visit us at www.atonresources.com or contact:
BILL KOUTSOURAS
Interim CEO
Tel: +1 345 525 2512
Email: info@atonresources.com
Note Regarding Forward-Looking Statements
Some of the statements contained in this release are forward-looking statements. Since forward-looking statements address future events and conditions; by their very nature they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
