Wednesday, June 08, 2016 5:39:38 PM
Further to its news releases dated May 3, 2016, and May 31, 2016, Ashburton Ventures Inc. has increased its non-brokered flow-through private placement of 12 million units at a price of five cents per unit for gross proceeds of $600,000 to 16.15 million units at a price of five cents per unit for gross proceeds of $807,500.
Each unit consists of one flow through common share (the "Shares") and one non-flow through Share purchase warrant of the Company. Each warrant will entitle the holder to acquire one Share of the Company at a price of $0.075 per Share for a period of 12 months from the date of issuance.
The Shares and warrants issued pursuant to the private placement and any Shares issued on exercise of the warrants are subject to four-month resale restriction.
The Company may, in its sole discretion, pay a finders' fee to agents of the Company consisting of: (i) a cash fee in an amount of up to 8% of the proceeds raised by such finder as part of this Offering, (ii) a number of common shares of the Issuer that is equal up to 5% of the number of Flow Through Units placed through the finder as part of this Offering and (iii) a number of finder's warrants entitling the holder thereof to purchase that number of Shares of the Company ("Finder's Warrant") that is equal to up to 5% of the number of units placed through the finder as part of this Offering. Each Finder's Warrant will entitle the holder to purchase one Share for a period of 12 months from the closing date at an exercise price of $0.075 per Finder's Warrant.
The Company has received conditional approval for the private placement from the TSX Venture Exchange.
Flow through proceeds raised will be used towards exploration on the Company's Whabouchi South property bordering Nemaska Lithium Inc.'s Whabouchi project in the James Bay area in the Province of Quebec as well as further exploration on the Company's Buckingham graphite property located in Buckingham Township also in the Province of Quebec.
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