Aton Resources to execute reverse stock split to finance Abu Marawat expansion

Egypt-focused Aton Resources will execute a reverse stock split sometime in mid-September to finance exploration at its Abu Marawat concession, as well as for “general corporate purposes, the Toronto-listed company said in a statement. The gold miner plans to issue up to USD 5 mn in a private placement of restricted stocks. Aton received preliminary approval for Egypt’s first new gold exploration license in 15 years back in February. The license allowed it to explore in the Eastern Desert’s Hamama area for 20 years while retaining rights for the Abu Marawat concession area in the Arabian-Nubian Shield, north of Sukari mine.