Aben Resources Closes $2.32 Million Private Placement Financings
23 Abril 2018 - 5:00PM
VANCOUVER, British Columbia, April
23, 2018 (GLOBE NEWSWIRE) -- Aben
Resources Ltd. (TSX-V:ABN) (OTCBB:ABNAF)
(Frankfurt:E2L2) (the "Company") is pleased to announce it has
closed its previously announced non-brokered private placement
financings (see news releases dated April 6, 2018 and April 16,
2018) for aggregate gross proceeds of just over CAD $2.32 million.
The Company intends to utilize the proceeds from this financing for
a 2018 exploration and drilling program at its Forrest Kerr Gold
Project located in B.C.'s Golden Triangle region and for general
working capital purposes.
Golden
Triangle, BC Claims Map:
https://www.abenresources.com/site/assets/files/4623/abn_golden_triangle_map.jpg
The Company has issued 6,283,000
Units at a price of $0.125 per Unit for gross proceeds of $785,375.
Each Unit consists of one share and one share purchase warrant (the
"Warrants") entitling the holder to purchase an additional common
share at a price of $0.25 for a period of three years expiring
April 23, 2021.
Additionally, Aben has issued
8,550,000 flow-through Units at a price of $0.18 per flow-through
Unit for gross proceeds of $1,539,000. Each flow-through Unit
consists of one flow-through share and one share purchase Warrant
entitling the holder to purchase an additional non flow-through
share at a price of $0.25 for a period of three years expiring
April 23, 2021.
The Company's President and CEO,
Jim Pettit, stated: "With the closing of these financings, the
Company is well positioned with over $3.5 million in the treasury
to fund the upcoming drill programs at its flagship Forrest Kerr
Gold Project. We are keen to commence the drilling after the
success of last year's summer drill program which included a new
discovery and high grade drill results of 21.5 grams per tonne Au,
28.5 grams per tonne Ag and 3.1% Cu over 6 metres as well as 6.7
grams per tonne Au and 0.9% Cu over 10 metres at the Boundary North
Zone. Notable regional discoveries by Pretium, GT Gold, Colorado
Resources and others illustrate the significant discovery upside
remaining in the district and we are confident in the potential at
Forrest Kerr given the newly discovered and historic high grade
mineralization there as well as the numerous untested gold-in-soil
anomalies present."
In connection with part of this
Offering, the Company paid $95,349 in cash finder's fees and issued
649,730 finder's warrants ("Finder's Warrants") to qualified arm's
length finders. Each Finder's Warrant entitles the holder to
acquire one additional share at an exercise price of $0.25 for a
period of three years expiring April 23, 2021. Two directors of the
Company subscribed for 160,000 Units of the financing.
The expiry period for the Warrants
and Finder's Warrants shall be subject to acceleration if the
average trading price for the Company's shares stays above $0.50
for 10 consecutive trading days. The securities issued pursuant to
the Offering and any shares issuable upon the exercise of warrants
will be subject to a statutory four month and one day hold period
expiring August 24, 2018.
Cornell McDowell, P.Geo., V.P. of
Exploration of Aben Resources, has reviewed and approved the
technical aspects of this news release and is the Qualified Person
as defined by National Instrument 43-101.
About Aben
Resources:
Aben Resources is a Canadian gold
exploration company developing projects in British Columbia's
Golden Triangle, the Yukon and Saskatchewan.
For further information on Aben
Resources Ltd. (TSX-V:ABN), visit our Company's web site
at www.abenresources.com.
ABEN
RESOURCES LTD.
"Jim
Pettit"
____________________________
JAMES G. PETTIT
President & CEO
For further information contact
myself or:
Don Myers
Aben Resources Ltd.
Director, Corporate Communications
Telephone: 604-639-3851
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
This release includes certain
statements that may be deemed to be "forward-looking statements".
All statements in this release, other than statements of historical
facts, that address events or developments that management of the
Company expects, are forward-looking statements. Although
management believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance, and
actual results or developments may differ materially from those in
the forward-looking statements. The Company undertakes no
obligation to update these forward-looking statements if
management's beliefs, estimates or opinions, or other factors,
should change. Factors that could cause actual results to differ
materially from those in forward-looking statements, include market
prices, exploration and development successes, continued
availability of capital and financing, and general economic, market
or business conditions. Please see the public filings of the
Company at www.sedar.com for further information.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Aben Resources Ltd via Globenewswire
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