A little bit more than your price range, but TerraLUX makes a nice 2AAA penlight, the Lightstar 80. It's AAA and not AA, but it still has a run time of around 5 hrs. Claims to be higher CRI, I would peg it at around 80-85 CRI. Does a much better job of color rendition than a lot of the low cost lights I have seen. Nice little light, claims to be 80 lumens which seems close to reality. Comes in several colors as well. I got mine when Battery Junction was selling them two for $25, but they go for around $20 now.
Another light to look at would be the BLF 348 from GearBest. It too is a AAA light. The specs say it can also use a 10440 Li-Ion, but don't believe them. It works, but it gets very hot very quickly, and will quickly destroy the LED due to overheating. It puts out about 100 lumens in a wide even beam, so it is very good for lighting up an area close by and looking for things. Its high CRI means excellent color rendition, which makes finding something dropped very easy. Right now they are selling for $8.99, and for another dollar you get a nice gift box as well. If they sell out or you want something similar but even cheaper, look at the Slingfire 348. It is the same light, but with a CREE LED instead of the Nichea, and therefore doesn't give as good a color rendition, but is a little brighter. I actually bought about a dozen of the BLF 348s because they make such nice gifts.
I'm not that sold on AA Maglights, but check the big box stores. They usually have Eveready or Ray-o-Vac penlights for a reasonable price.
Last recommendation. Buy lithium primary cells instead of alkalines. Yes, they cost more, but they last almost twice as long, and will not leak all over the insides of the light and ruin it. I have been able to find the lithium cells for a little over a $1 a cell at of all places my local grocery store, so they aren't as expensive as some say they are. To me they are worth the extra.