- Aton Resources Inc. (AAN) has announced an additional bridge loan with shareholder OU Moonrider
- Moonrider has also agreed to extend the maturity date of several previous loans to June 30, 2023
- Aton has borrowed C$1,000,000 from Moonrider, repayable in 12 months
- The loan will fund ongoing working capital expenses and continue its drilling program at Rodruin
- Aton Resources is an exploration company focused on its 100 per cent owned Abu Marawat Concession in Egypt’s Arabian-Nubian Shield
- Aton Resources Inc. (AAN) is up 14.52 per cent on the day, trading at C$0.355 per share at 2:15 pm ET
Aton Resources Inc. (AAN) has announced an additional bridge loan with OU Moonrider, a shareholder of the corporation.
Moonrider has also agreed to extend the maturity date of several loans it has made to the corporation to June 30, 2023.
Aton has borrowed C$1,000,000 from Moonrider, repayable 12 months from closing. The loan will bear interest at 12 per cent per annum, payable when the loan is due.
In connection with the loan, Moonrider will be issued bonus warrants entitling it to acquire common shares of Aton. An initial drawdown of $391,140 has been completed entitling Moonrider to 1,261,741 bonus warrants with an exercise price of $0.31 per share and an expiration date of July 14, 2023.
The loan will fund ongoing working capital expenses and continue its drilling program at Rodruin.
Tonno Vahk, Aton’s Interim CEO, commented on the loan.
“OU Moonrider continues to support Aton to see the corporation through the ongoing drilling program at Rodruin.”
Moonrider has previously supported the corporation by providing several loans, and the maturity date of some of these loans has now passed. Moonrider has agreed to extend the maturity date of each loan to June 30, 2023. The cumulative amount owed under the loans is $4,225,042.55.
Aton Resources is an exploration company focused on its 100 per cent owned Abu Marawat Concession in Egypt’s Arabian-Nubian Shield. Aton has identified numerous gold and base metal exploration targets at Abu Marawat. Aton has also identified several distinct geological trends within Abu Marawat, which display potential for developing various styles of precious and base metal mineralization.
Aton Resources Inc. (AAN) is up 14.52 per cent on the day, trading at C$0.355 per share at 2:15 pm ET.
