CALGARY, June 6 /CNW/ - Aston Hill Financial Inc. (the "Company" or
"Aston Hill") (TSXV: AHF) is pleased to announce that, subject to TSX Venture
Exchange acceptance, the Company has completed the first closing in respect of
its previously announced private placement to subscribers in Alberta, British
Columbia, Ontario, and Quebec (the "Private Placement") by issuing 7,878,762
common shares (the "Shares") at a price of $0.42 per Share for gross proceeds
of $3,309,080 (the "Closing Amount"). The proceeds of the financing will be
used for general working capital and to advance the Company's business plans.
Directors and officers of the Company and of the Company's subsidiaries
subscribed for 3,719,047 Shares, representing $1,562,000 or approximately
47.2% of the Closing Amount. No fees were payable in connection with such
subscriptions. The Private Placement was reviewed by the independent directors
of the Company who determined that the terms of the Private Placement were
reasonable in the circumstances. The Private Placement is exempt from the
valuation and minority approval requirements of Multilateral Instrument
61-101, since the fair market value of the Private Placement is less than 25%
of the market capitalization of the Company. Management determined that it was
desirable to conduct the first closing of the Private Placement within 21 days
from the date that the terms of the Private Placement were first disclosed.
The Private Placement remains subject to final approval from the TSX
Venture Exchange. The Shares issued pursuant to this Private Placement will be
subject to a four month statutory hold period. The Company may conduct
subsequent closings in relation to the Private Placement.
Aston Hill is an investment manager with expertise in the oil and gas
sector, energy-based trusts, oil and gas property management, private equity
and high-yield structured products.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
Forward-Looking Statements: This news release contains certain
"forward-looking statements" within the meaning of such statements under
applicable securities law. Forward-looking statements are frequently
characterized by words such as "plan", "continue", "expect", "project",
"intend", "believe", "anticipate", "estimate", "may", "will", "potential",
"proposed" and other similar words, or statements that certain events or
conditions "may" or "will" occur. These statements are only predictions.
Various assumptions were used in drawing the conclusions or making the
projections contained in the forward-looking statements throughout this news
release. Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are subject to a variety
of risks and uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the forward-looking
statements, including the risk that the Private Placement is not approved, in
whole or in part, by the TSX Venture Exchange, and the possibility that
subsequent closings are not completed in relation to the Private Placement.
For a detailed description of the risks and uncertainties facing the
Company and its business and affairs, readers should refer to the Company's
annual financial statements and management discussion and analysis for the
year ended December 31, 2007, both of which are available at www.sedar.com.
The Company undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change, unless
required by law. The reader is cautioned not to place undue reliance on
For further information:
For further information: Eric Tremblay, Chief Executive Officer, Aston
Hill Financial Inc., (403) 770-4817; Larry Titley, Vice President and CFO,
Aston Hill Financial Inc., (403) 770-4808; Company website: www.astonhill.ca