(via TheNewswire)
Astron intends to use the net proceeds from the Private Placement for business operations and expansion of its business, and for general working capital purposes. Finder’s fees may become payable in connection with the Private Placement.
Certain insiders of Astron may purchase Units under the Private Placement and any such purchase will constitute "related party transaction" as defined under Multilateral Instrument 61-101Protection of Minority Security Holders in Special Transactions(“MI 61-101”). However, such purchases would be exempt from the formal valuation requirement of MI 61‑101, and Astron expects that such participation will be exempt from the minority shareholder approval requirement of MI 61‑101 on the basis that the fair market value of the Units subscribed for by insiders, and the consideration for the Units paid by such insiders, will not exceed 25% of Astron’s market capitalization.
MI 61-101 requires that certain information be contained in a material change report filed for a related party transaction. It may occur that such material change report is filed less than 21 days before the expected date of closing of the Private Placement. If so, such shorter period will be reasonable in order that (a) Astron has certainty as to the completion of the Private Placement, (b) because the insiders that participate in the Private Placement will participate on the same terms as non-insiders participating in the Private Placement, and (c) because it is reasonable to expect that the shorter time period will not prejudice Astron’s securityholders.
ABOUT
For more information, please contact:
President and CEO
randalls@astronconnect.com
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation,the expected completion of the Private Placement and the intended use of proceeds from the Private Placement.These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, Astron’s receipt of subscriptions under the Private Placement, Astron’s receipt of
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