Aston Hill Announces Non-Brokered Private Placement Financing

Calgary, May 21, 2008 - Aston Hill Financial Inc. (the "Company" or "Aston Hill”) (TSXV: AHF) is pleased to announce that it intends to undertake a non-brokered private placement financing in the provinces of Alberta, British Columbia, Ontario and Quebec (the "Private Placement") by issuing up to 12,000,000 common shares (the "Shares") at a price of $0.42 per Share. Two individuals who are currently proposed directors of the Company, and, if approved by the
Company's shareholders at the Company's annual general meeting on May 29, 2008, will become directors of the Company as of May 29, 2008, have agreed, subject to certain conditions, to subscribe for approximately $1,000,000 or 20% of the Private Placement. Directors and officers of the Corporation have agreed, subject to certain conditions, to subscribe for approximately $500,000 (or 10%) of the Private Placement. No fees are payable in connection with such subscriptions. There is no minimum number of Shares that must be subscribed for under the terms of the Private Placement for the Private Placement to close and the Company may have more than one closing in respect of the Private Placement. The proceeds of the financing will be used for general working capital and to advance the
Company’s current business plans.

Closing of the proposed Private Placement is anticipated to occur on or about May 28, 2008 and will be conditional upon, among other things, the receipt of all necessary regulatory approvals (including from the TSX Venture Exchange). The Common Shares issued pursuant to this Private Placement will be subject to a four month statutory
hold period.

About Aston Hill Financial

Aston Hill is an investment manager with expertise in the junior oil and gas sector, energy-based trusts, oil and gas property management, private equity and high-yield structured products.

Not for dissemination in the United States of America. This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities of the Company in any jurisdiction, including the United States. The Shares of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and have not been and will not be offered or sold in the United
States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Forward-looking Statements

This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements, including the failure of the Company to close the Private Placement.

For a detailed description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's annual financial statements and management discussion and analysis for the year ended December 31, 2007, both of which are available at www.sedar.com. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

Eric Tremblay
Chief Executive Officer
Aston Hill Financial Inc.
(403) 770-4817

Larry Titley
Vice President and CFO
Aston Hill Financial Inc.
(403) 770-4808

The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

 

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