- Aton (AAN) has secured a C$500,000 bridge loan from OU Moonrider, a significant shareholder
- The loan bears interest at 12 per cent per annum
- The company will use the proceeds for working capital and to resume the drilling program at the Rodruin prospect on its Abu Marawat Concession in Egypt’s Arabian-Nubian Shield
- Aton Resources explores for gold and base metals in Egypt
- Aton (AAN) is up by 17.65 per cent and is currently trading at $0.20 per share
Aton (AAN) has secured a C$500,000 bridge loan from OU Moonrider, a significant shareholder.
The loan bears interest at 12 per cent per annum.
It is repayable on the earlier of six months from closing, the occurrence of various standard events of default, or on the closing of any debt or equity financing in excess of $5 million.
Aton will issue 2,941,176 bonus warrants to Moonrider with an exercise price of $0.17 per share and an expiration date of January 4, 2023.
It will use the proceeds for working capital and to resume the drilling program at the Rodruin prospect on its Abu Marawat Concession in Egypt’s Arabian-Nubian Shield.
The financing is in addition to the loan announced last October.
Aton Resources explores for gold and base metals in Egypt.
Aton (AAN) is up by 17.65 per cent and is currently trading at $0.20 per share as of 1:03 pm EST.