ASHBURTON VENTURES INC. ("Ashburton" or the "Company") is pleased to announce that it has mobilized crews for a Phase 1 exploration program at its 100%-owned Hackett Property in northwest British Columbia's Sheslay district.
The Hackett is contiguous to Doubleview Capital Corp.'s Hat Property where Cu-Au porphyry discovery holes HAT-08 and HAT-11 are within approximately 1 km of Ashburton's property boundary, while Doubleview has also recently completed a follow-up drill program (see Doubleview news release April 30).
Kyler Hardy, Ashburton President, commented: "We are excited to begin work at the Hackett which is part of a Sheslay NW/SE structural trend that stretches for many kilometres and has produced extremely promising early results. We're entering a very active period for this emerging district. This Phase 1 program at the Hackett will greatly enhance our understanding of this property as we advance it to the drill-ready stage. With the Hackett and our recently acquired Grizzly West Extension Project, Ashburton's exploration upside in such a prolific district is significant."
Ashburton Arranges Financing
To expand its Sheslay exploration plans, Ashburton has arranged a non-brokered private placement (the "Offering") of 2.5 million flow-through units at a price of six cents per flow-through unit for aggregate gross proceeds of $150,000. Each flow-through unit will consist of one flow-through share and one warrant. Each warrant will entitle the subscriber to purchase one warrant share for a 12-month period after the closing date at an exercise price of 8 cents. The flow-through funds will be used to advance the Hackett and Grizzly West Extension projects.
Additionally, the Company has arranged a non-brokered private placement of 3 million non-flow-through units at a price of five cents per unit for aggregate gross proceeds of $150,000. Each unit will comprise one common share and one share purchase warrant of the Company. Each warrant will entitle the holder to purchase one share for a period of 12 months from the closing date at an exercise price of 8 cents per warrant share. These funds will be used for general corporate purposes.
The Company may, at its sole discretion, pay a finder's fee to agents of the Company consisting of: (1) a cash fee in an amount of 10% of the proceeds raised by such finder as part of this Offering, and (2) 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 this Offering. Each Finder's Warrant will entitle the holder to purchase one share for a period of 12 months from the closing date at an exercise price of $0.10 per Finder's Warrant.
Ashburton further announces the resignation from the board of Dr. Tom McCandless. The Company has greatly appreciated his efforts in that capacity and is fortunate that Dr. McCandless will continue to work with the Company.
Ashburton Ventures is a junior exploration company actively seeking mineral opportunities for the benefit of all its stakeholders.
ON BEHALF OF THE BOARD
Mike England, CEO