VANCOUVER, British Columbia, Aug.
21, 2018 (GLOBE NEWSWIRE) -- Aben
Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF)
(Frankfurt: E2L2) ("Aben" or the "Company") is pleased to
announce it has closed its previously announced non-brokered
private placement financing (see news release dated August 15,
2018) for aggregate gross proceeds of approximately CAD $4.28
million. The Company intends to utilize the proceeds from this
financing for its ongoing 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/4287/fk-003.jpg
The Company has issued 14,264,967
units (each, a "Unit") at a price of $0.30 per Unit for gross
proceeds of $4,279,490 (the "Offering"). Each Unit consists of one
common share of the Company (each, a "Share") and one share
purchase warrant (each, a "Warrant") entitling the holder to
purchase an additional common share at a price of $0.45 for a
period of two years expiring August 21, 2020.
The Company is also pleased to
announce that approximately 4.78 million warrants have been
exercised since May 31st, 2018,
raising an additional $791,219 in net proceeds for the Company.
The Company's President and CEO,
Jim Pettit, stated: "With the closing of this financing, we are
pleased to welcome Eric Sprott as a large, strategic shareholder of
Aben. The Company is well positioned with over $6.0 million
in the treasury to expand the 2018 drill program at its flagship
Forrest Kerr Gold Project. Additional drilling is warranted on the
back of the results from the first drill hole in the program at the
newly discovered North Boundary zone which intersected four
separate high-grade intervals including 62.4 grams per tonne gold
over 6.0 m within 38.7 g/t Au over 10.0 m from 114.0 to 124.0 m.
Aben has now completed 4,850 meters of drilling in 16 holes and is
awaiting assay results. The majority of these holes were drilled at
the North Boundary Zone and the Company will provide updates as
results become available."
As of the date hereof, after
giving effect to this acquisition, Mr. Eric Sprott beneficially
owns and controls 6,666,667 Shares and 6,666,667 Warrants of Aben,
representing approximately 6.6% of the issued and outstanding
shares on a non-diluted basis, and approximately 12.5% on a
partially diluted basis. Prior to the date hereof, Mr. Sprott did
not beneficially own any securities of Aben.
The Units were acquired by Mr.
Sprott, through 2176423 Ontario Ltd., for investment purposes. Mr.
Sprott has a long-term view of the investment and may acquire
additional securities of Aben either on the open market or through
private acquisitions or sell securities of Aben either on the open
market or through private dispositions in the future depending on
market conditions, reformulation of plans and/or other relevant
factors.
In connection with part of this
Offering, the Company paid $237,999.29 in cash finder's fees and
issued 793,331 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 $0.45 for a
period of two years expiring August 21st, 2020. Four
directors of the Company subscribed for 175,000 Units of the
Offering.
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 December 22nd, 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. The Company is
actively exploring its flagship and high-grade Forrest Kerr Project
located in the Golden Triangle region where recent drilling has
discovered strong precious and base metal mineralization at the
North Boundary Zone.
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: 604-687-3376
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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