Ashton Announces Rights Offering.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--May 9, 2000 John S. Auston, 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. ("Ashton") (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ACA ACA - Application Control Architecture .), 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 share 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 (Pacific Daylight 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 AML - A Manufacturing Language "), 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. Up to 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 Offering Circular An abbreviated prospectus for a new security listing. Delivered to individuals and brokerage houses, these documents are issued to arouse interest in the new issue. Notes: An offering circular allows investors to access information regarding a new issue. and Rights Certificates will be mailed to all shareholders as of the Record Date who reside in 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 Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and will distribute the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion