Aton Resources has closed the first tranche of $160,000 from its previously announced non-brokered private placement, according to a statement.

The first tranche included a total of 400,000 units issuing each unit for $0.40. Per the statement, the total amount will be used to fund exploration activities at the Abu Marawat Concession, located in Egypt. Part of the funds will also be used to fund Aton’s working capital requirements.

Aton anticipates that the second tranche closing of the Offering will take place in mid to late November.