May 31, 2016, VANCOUVER, B.C. – ASHBURTON VENTURES INC. (TSX-V: ABR) (ARB-FRANKFURT) (“Ashburton” or the "Company”) announces that further to its news releases dated May 3, 2016, it has completed the first tranche of a non-brokered flow through private placement of 12 million units at a price of $0.05 per unit for gross proceeds of $600,000 (the “Offering”).
Each unit consists of one flow through common share (the “Shares”) and one non-flow through Share purchase warrant of the Company. Each warrant will entitle the holder to acquire one Share of the Company at a price of $0.075 per Share for a period of 12 months from the date of issuance.
Gross proceeds of the first tranche were $515,000.
The Company paid a cash commission to the finders totalling $38,800, issued 485,000 finder’s shares and issued 485,000 finder’s warrants exercisable for 12 months at $0.075.
The Shares and warrants issued pursuant to the private placement and any Shares issued on exercise of the warrants are subject to four-month resale restriction that expires on September 28, 2016.
The Company has received conditional approval for the private placement from the TSX Venture Exchange.
Flow through proceeds raised will be used towards exploration on the Company’s Whabouchi South property bordering Nemaska Lithium Inc.’s Whabouchi project in the James Bay area in the Province of Quebec as well as further exploration on the Company’s Buckingham graphite property located in Buckingham Township also in the Province of Quebec.
Ashburton Ventures Inc. is a Canadian-based junior exploration with mineral projects in Canada and Nevada, USA. If you would like to be added the news release distribution please get in touch with us at [email protected].
ON BEHALF OF THE BOARD
Signed “Michael England”
Michael England, President
FOR FURTHER INFORMATION PLEASE CONTACT:
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Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Ashburton Ventures Inc. Actual results may differ materially from those currently anticipated in such statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.