Gold and base metals project developer Aton Resources has closed a private placement of about 13.3-million common shares, raising proceeds of C$2-million.
An existing major shareholder, OU Hektik, acquired 12.7-million of these shares, tripling its shareholding from six-million shares to 18.7-million shares.
Hektik now owns 33.55% of Aton’s share capital. Hektik is located in Estonia and is part of the management, scientific and technical consulting services industry.
Shareholders holding over 50% of the corporation’s common shares confirmed their approval of Hektik becoming a controlling shareholder, says Aton.
Aton will use the proceeds from the private placement to fund exploration and development activities at the Rodruin and Hamama concessions, in Egypt, and for general working capital.
The company explains that the acquisition of shares by Hektik was implemented for investment purposes and Hektik may acquire additional securities of Aton in future, or dispose of securities.