- Aton Resources (AAN) has borrowed $500,000 from OU Moonrider, a shareholder of the corporation
- The loan will bear interest at a rate of 12 per cent per annum
- The proceeds of the loan will be used for ongoing working capital expenses and resuming the drilling program at Rodruin
- Aton Resources is focused on its 100 per cent owned Abu Marawat Concession, located in Egypt
- Aton Resources Inc. (AAN) is unchanged, trading at C$0.16 per share at 3 pm ET
Aton Resources (AAN) has borrowed $500,000 from OU Moonrider, a shareholder of the corporation.
The loan is repayable within six months from closing, or on the closing of any debt or equity financing by the corporation in excess of $5.0 million. The loan will bear interest at a rate of 12 per cent per annum, payable when the loan is due.
Moonrider will receive 3,125,000 bonus warrants with an exercise price of $0.16 per share and an expiration date of October 27, 2022.
The proceeds of the loan will be used for ongoing working capital expenses and resuming the drilling program at Rodruin.
“I would like to thank OU Moonrider for their continued support of Aton,” said Tonno Vahk, Aton’s Interim CEO.
“This bridge loan strengthens our capital position following the completion of all preparatory work required to commence our upcoming drilling program at Rodruin in November, while we continue our ongoing discussions with potential strategic investors to evaluate other financing alternatives available to the corporation. It also avoids a significantly dilutive equity financing being completed at this time.”
Aton Resources is focused on its 100 per cent owned Abu Marawat Concession, located in Egypt.
Aton Resources Inc. (AAN) is unchanged, trading at C$0.16 per share at 3 pm ET.