07:16 AM EDT, 03/22/2024 (MT Newswires) -- Aton Resources Inc. ( ANLBF ) said overnight Thursday that it has settled $6.3 million in debt to OU Moonrider in exchange for 28,700,063 shares priced at $0.22 apiece.

Following the transaction, Moonrider's stake in Aton increased to 70.38% from 61.77% on a non-diluted basis.

According to Aton, Moonrider may increase or decrease its stake in Aton depending on market conditions.

Aton is advancing the Abu Marawat concession in Egypt.