Aton Resources Secures $30M Credit Facility from Shareholder
VANCOUVER, BC – Aton Resources Inc., a company focused on gold and base metal exploration in Egypt, has secured a US$30 million credit facility from shareholder OU Moonrider. The agreement, announced on September 1, 2026, allows Aton to draw funds in one or more advances, with the facility set to mature on September 1, 2028.
Under the terms of the agreement, any funds drawn will carry an interest rate of 12% per annum. Should the principal and accrued interest not be repaid by maturity, the outstanding amount will incur interest at 20% per annum until fully settled. The credit line is unsecured and non-convertible, meaning the borrowed funds cannot be repaid in equity securities of the company.
Aton’s Hamama project, located in Egypt’s Arabian-Nubian Shield, will benefit from the facility. The borrowed funds will be used to advance exploration and development activities at the site, as well as to cover general and administrative expenses. The Hamama project is part of Aton's 100% owned Abu Marawat Concession, which also includes other exploration targets like the Abu Marawat and Rodruin deposits.
Moonrider, a control person of Aton, holds approximately 66.4% of the company’s outstanding common shares, representing 89,701,789 shares. The credit agreement is classified as a related party transaction under Multilateral Instrument 61-101 and Policy 5.9 of the TSX Venture Exchange. Despite this classification, the agreement is exempt from valuation and minority approval requirements due to specific provisions under MI 61-101.
The board of directors of Aton Resources Inc. approved the credit facility, with Moonrider nominee Tonno Vahk abstaining from voting. The directors deemed the terms of the agreement to be reasonable and commercially advantageous to the company.
Tonno Vahk, Chief Executive Officer of Aton Resources Inc., stated, "This credit facility will significantly bolster our exploration efforts and ensure the continued development of our projects. We are pleased to have secured this financing in a manner that aligns with our strategic objectives."
The Abu Marawat Concession, where the Hamama project is situated, covers an area of 57.66 km² and includes additional exploration zones. The concession benefits from excellent infrastructure, including a four-lane highway, a 220kV power line, and a water pipeline, as well as proximity to international airports at Hurghada and Luxor. Aton's exploration efforts are focused on identifying and developing mineral deposits within the concession.
The forward-looking statements in this release involve known and unknown risks, uncertainties, and other factors that may cause the company’s actual results to differ materially from those expressed or implied by such statements. Aton Resources Inc. assumes no responsibility for the accuracy or completeness of this information.