Ashton Mining Closes $9.2 Million Private Placement

Ashton Mining of Canada Inc. announced that it has closed two private placements, issuing 7,095,900 common shares at a price of $1.30 per share resulting in gross proceeds of $9,224,670. A subsidiary of Rio Tinto has increased its holding in Aston.

The first offering was a brokered private placement, under which Ashton issued 3,460,000 flow-through common shares.

The second issue of 3,635,900 flow-through common shares was on a non-brokered private placement basis. QIT-Fer et Titane Inc., an indirect wholly owned subsidiary of Rio Tinto plc, has subscribed for 3,460,000 of these shares.

As a result, QIT holds 9,650,475 of the 43,498,696 common share. This figure represents approximately 52 percent of the 84,103,500 common shares that are currently issued and outstanding.

Ashton said it will use the proceeds of the two placements to fund its diamond exploration projects in Quebec and elsewhere in Canada.

Ashton is a diamond exploration company focused on the discovery or acquisition of diamond prospects capable of rapid advancement to development and production.