Ashton's Private Placement Increased From $3 Million To $8 Million.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Nov. 19, 2001 Robert T. Boyd, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Ashton Mining of Canada Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ACA ACA - Application Control Architecture .) ("Ashton" or the "Corporation") is pleased to announce that Ashton intends to raise an additional $5 million on a private placement basis by December 7, 2001. The Corporation will raise an additional $1 million under the terms of the brokered private placement announced on November 14, 2001. In addition, Ashton Canada Pty. Limited ("ACPL ACPL Allen County Public Library (Ft Wayne, Indiana, USA) ACPL Autonomic Computing Policy Language ACPL Aircraft Certification Policy Letter (Canada) ACPL Asynchronous Concurrent Programming Language "), an indirect, wholly-owned subsidiary of Rio Tinto Limited ("RTL (Register Transfer Level) A high-level hardware description language (HDL) for defining digital circuits. The circuits are described as a collection of registers, Boolean equations, control logic such as "if-then-else" statements as well as complex event sequences; "), has agreed to subscribe for 3,636,364 units at $1.10 per unit for gross proceeds of $4 million. ACPL is a wholly-owned subsidiary of Ashton Mining Limited ("AML AML - A Manufacturing Language "), which RTL acquired in late 2000. Each unit to be issued to ACPL will consist of one common share of Ashton and 1.25 warrants. Each warrant will entitle ACPL to subscribe, not later than June 30, 2002, for one common share at a price of $1.40. The transaction is subject to a number of conditions including the completion of formal documentation and the applicable regulatory approvals. Following the acquisition of AML, RTL undertook a strategic review of AML's controlling beneficial interest in the Corporation. As announced on May 11, 2001, RTL indicated its intention to determine if acceptable offers were available in the marketplace for the AML interest. This initiative did not result in a transaction. Ashton has now been advised that RTL intends to review all of the available options for its beneficial shareholding in the Corporation. After completion of the $4 million private placement, ACPL is expected to hold a total of 30,211,857 common shares of Ashton, bringing to 31,068,999 the aggregate number of common shares beneficially owned by RTL and Rio Tinto plc collectively. The proceeds from both financings will be applied to the continued advancement of Ashton's exploration programs in Nunavut, the Northwest Territories, Quebec, Alberta and Ontario, Ashton's corporate costs and working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. . |
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