Aton Provides Update on Placement and Consolidation

Not for distribution to United States newswire services or for dissemination in the United States

VANCOUVER, British Columbia, Sept. 02, 2020 (GLOBE NEWSWIRE) — Aton Resources Inc. (AAN: TSX-V) (“Aton” or the “Company“) announces further to its news release of July 29, 2020 that it is proceeding with its previously announced 10:1 share consolidation, and will be rescheduling the closing of its placement announced July 29, 2020 to a date after the consolidation has been completed.

The Company anticipates the consolidation will take place in approximately mid-September, subject to receipt of TSX Venture approval. The Company will provide a further update once the effective date of the consolidation has been determined.

After giving effect to the consolidation, the placement is a non-brokered private placement of up to $5-million through the issuance of up to 12.5 million units of the company at a price of $0.40 per unit. Each unit consists of one common share of the company and one-half of a share purchase warrant, each entitling the holder to acquire an additional common share of the company for a period of two years from closing at a price of $0.80 cents per warrant share. The net proceeds from the placement will be used to finance continued exploration and development activities at Aton’s Abu Marawat concession, located in Egypt, and for general corporate purposes. For further information respecting the placement, please see the Company’s July 29, 2020 news release.