Aton Resources draws down full $300 000 from shareholder
Egypt-based gold miner Aton Resources has drawn down an additional $77 000 pursuant to its bridge loan facility with shareholder Ou Moonrider (Moonrider) to fund further work at its Abu Marawat Concession, in Egypt, and for general working capital purposes.
TSX-listed Aton entered into the bridge loan facility with Moonrider in December 2019.
In connection with the latest drawdown, Moonrider has been issued 1.54-million nontransferable warrants exercisable for one common share at a price of $0.05 per warrant with an expiration date of June 9, 2021.
Aton has now fully drawn down the $300 000 available to it under the Moonrider facility and has issued a total of six-million nontransferable warrants to Moonrider.
The miner is focused on its 100%-owned Abu Marawat Concession, located in Egypt’s Arabian-Nubian Shield, which is about 200 km north of fellow TSX-listed Centamin’s 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 advanced Rodruin exploration prospect in the south of the concession.
Three historic British mines are also located on the concession at Sir Bakis, Semna and Abu Garida.
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.
Abu Marawat is over 596 km2 in size and is located in an area with good infrastructure, including a four-lane highway, a 220 kV power line and a water pipeline in close proximity, and proximate international airports at Hurghada and Luxor.
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