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Aton to use placement proceeds for Egypt’s expansion

Aton to use placement proceeds for Egypt’s expansion

ArabFinance: Canadian firm Aton Resources plans to use the net proceeds from a placement in financing the exploration and development activities at Abu Marawat concession in Egypt, as well as for general corporate purposes, according to a September 2nd press release.

Aton said the non-brokered private placement of up to $5 million (EGP 79.20 million) will be executed through the issuance of 12.5 million units of the company at a price of $0.40 (EGP 6.34) per unit.

Shareholders will be entitled to acquire an additional common share of Aton for a period of two years from closing at a price of $0.80 (EGP 12.67) per warrant share.

The Company expects the consolidation to take place in mid-September.

Aton was granted a three-year extension for its exploration journey in Egypt, as announced last April.

 

*At press time, the conversion rate is $1 = EGP 15.84

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