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December 13th, 2013, VANCOUVER, B.C. – ASHBURTON VENTURES INC. (TSX-V: ABR) (ARB-FRANKFURT) (“Ashburton” or the "Company”) announces that, further to its news release dated December 2, 2013, the Company has amended the terms of its non-brokered private placement. The original offering of 5 million units ("Units") at a price of $0.05 per Unit for aggregate gross proceeds of $250,000 (the "Offering") is being amended to an offering of 2.5 million units (“NFT Units”) at a price of $0.05 per NFT Unit for aggregate gross proceeds of $125,000 (the “NFT Offering”). Each NFT Unit will be comprised of one non-flow-through common share ("Share") and one Share purchase warrant of the Company ("Warrant"). Each Warrant will entitle the subscriber to purchase one Share (a "Warrant Share") for a 24 month period after the closing date, at an exercise price of $0.075 per Warrant Share for the first 12 months after the closing date and thereafter, at an exercise price of $0.10 for the next 12 months, subject to the Acceleration (defined below).
The Company may, in its sole discretion but only in the event that the average trading price of the Shares on the TSX Venture Exchange has been $0.15 per Share or greater for a period of 10 consecutive days, accelerate the expiry period of the Warrant by providing written notice of such acceleration by way of news release (the "Acceleration Notice"), such that the exercise period of the Warrant will expire on that day which is 30 days from date of the Company's Acceleration Notice (the "Acceleration").
Additionally, the Company announces that it has arranged a non-brokered private placement of 2.5 million flow-through units (" FT Units") at a price of $0.05 per FT Unit for aggregate gross proceeds of $125,000 (the "FT Offering"). Each FT Unit will be comprised of one flow-through Share and one Warrant. Each Warrant will entitle the subscriber to purchase one Warrant Share for a 24 month period after the closing date, at an exercise price of $0.075 per share for the first 12 months after the closing date and thereafter, at an exercise price of $0.10 for the next 12 months, subject to the Acceleration.
The Company may, at its sole discretion, pay a finders' fee to agents of the Company consisting of: (i) a cash fee in an amount of 10% of the proceeds raised by such finder as part of the NFT Offering and FT Offering, and (ii) a number of finder's warrants entitling the holder thereof to purchase that number of Shares of the Company ("Finder's Warrant") that is equal up to 10% of the number of units placed through the finder as part of the NFT Offering and FT Offering. Each Finder's Warrant will entitle the holder to purchase one Share for a period of 18 months from the closing date at an exercise price of $0.10 per Finder's Warrant.
The proceeds raised from the NFT Offering will be used for general corporate purposes and advancing its various projects. The proceeds raised from the FT Offering will be used for qualifying expenditures on the Company's properties.
Ashburton Ventures is a junior exploration company actively seeking mineral opportunities for the benefit of all its stakeholders.
ON BEHALF OF THE BOARD
Signed “Kyler Hardy”
Kyler Hardy, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-683-3995; Toll Free: 1-888-945-4770; www.ashburtonventures.com
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.