Funding completed for present exploration at Buckingham.
"ASHBURTON CLOSES PRIVATE PLACEMENT
Further to its news releases dated Nov. 6, 2015, Dec. 4, 2015, and Dec. 9, 2015, Ashburton Ventures Inc. has completed its non-brokered private placement of 14,767,000 flow-through units and 6,666,666 non-flow-through units at a price of 1.5 cents per unit for an aggregate gross proceeds of $321,504.99.
Each FT unit and NFT unit comprises one common share and one share purchase warrant of the company. Each warrant will entitle the holder to purchase one share at a price of five cents per warrant share until Dec. 11, 2016.
The offering was conducted pursuant to the TSX Venture Exchange bulletin dated Nov. 17, 2014, discretionary waivers of five-cent minimum pricing requirement.
All securities issued pursuant to the closing of the FT units and NFT units are subject to a hold period expiring on April 12, 2016.
The company paid a cash commission to the finders totalling $18,051 and issued 1,203,400 finder's warrants exercisable for 12 months at five cents.
Proceeds raised from the Offering will be used as follows:
Flow-through proceeds will be used to conduct and extensive exploration and drill program on the Buckingham graphite property in Quebec;
For professional fees owing (approximately $27,000);
For short-term payables owing (approximately $43,000);
To maintain the company's present operations and cover general and administrative expenses (approximately $30,000).
While it is intended that the company will spend the proceeds available to it as stated, there may be circumstances where, for sound business reasons, a reallocation of proceeds may be necessary."
