Aton Announces Bridge Loan
Vancouver, British Columbia, September 13, 2024: Aton Resources Inc. (AAN: TSX-V) (“Aton” or the “Corporation”) announces that it has entered into an additional bridge loan (the “Loan”) with OU Moonrider (“Moonrider”), a significant shareholder of the Corporation.
The Loan
The Corporation has entered into a loan agreement (the “Loan Agreement”) whereby it may borrow up to C$10.0 million from Moonrider, in a series of advances (the “Loan”). Each advance made under the Loan Agreement is repayable on the earlier of twelve months from each advance transfer from Moonrider to the Corporation or on the occurrence of various standard events of default. Any funds received from any other debt or equity financings in the Corporation in excess of C$5.0 million will be applied to the repayment of the Loan. The Loan will bear interest at a rate of 12% per annum, payable when the Loan is due. As of the date of this news release, the Corporation has drawn down C$4.5 million of the Loan.
The Loan is unsecured, and no securities will be issued in connection with the Loan.
The proceeds of the Loan will be used by the Corporation for working capital as well as funding ongoing exploration and upcoming drilling, and for ongoing mineral resource estimate and technical studies by external consultants in the lead up to the anticipated production of gold at the Abu Marawat Concession. With the Loan, the current total indebtedness of the Corporation to Moonrider totals C$6,811,370.
About Aton Resources Inc.
Aton Resources Inc. (AAN: TSX-V) is focused on its 100% owned Abu Marawat Concession (“Abu Marawat”), located in Egypt’s Arabian-Nubian Shield, approximately 200 km north of Centamin’s world-class Sukari gold mine. Aton has identified numerous gold and base metal exploration targets at Abu Marawat, including the Hamama deposit in the west, the Abu Marawat deposit in the northeast, and the Rodruin deposit in the south of the Concession. Two historic British gold mines are also located on the Concession at Semna and Sir Bakis. Aton has identified several distinct geological trends within Abu Marawat, which display potential for the development of a variety of styles of precious and base metal mineralisation. The Abu Marawat exploitation lease is 57.66 km2 in size, covering the Hamama West and Rodruin mineral deposits, and was established In January 2024 and is valid for an initial period of 20 years. The Concession also includes an additional 255.0 km2 of exploration areas at Abu Marawat, retained for a further period of 4 years from January 2024. Abu Marawat is located in an area of excellent infrastructure; a four-lane highway, a 220kV power line, and a water pipeline are in close proximity, as are the international airports at Hurghada and Luxor.
For further information regarding Aton Resources Inc., please visit us at www.atonresources.com or contact:
Tonno Vahk
Chief Executive Officer
Tel: +1 604 318 0390
Email: info@atonresources.com
Note Regarding Forward-Looking Statements
Some of the statements contained in this release are forward-looking statements. Since forward-looking statements address future events and conditions; by their very nature they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.