Aben Resources Closes Private Placement Financing
VANCOUVER, British Columbia, Nov. 01, 2016 (GLOBE NEWSWIRE) -- Aben Resources Ltd. (TSX-V:ABN) (OTCBB:ABNAF) (Frankfurt:E2L2) (the “Company”) is pleased to announce that it completed today its previously announced non-brokered private placement of units ("Units") for gross proceeds of $700,000 (the "Offering").
Pursuant to the Offering, the Company issued 9,333,333 Units at $0.075 per Unit. Each Unit consists of one Common Share and one non-transferrable Share Purchase Warrant (a "Warrant"). Each Warrant entitles the holder to acquire one additional Common Share at an exercise price of $0.10 per warrant exercised for a period of two years expiring November 2, 2018.
In connection with the Offering, the Company paid $15,715 in cash finder's fees and issued 209,533 finder's warrants (“Finder’s Warrants”) to qualified arm's length finders. Each Finder's Warrant entitles the holder to acquire one additional Unit at an exercise price of $0.10 for a period of two years expiring November 2, 2018.
The Company intends to utilize the proceeds from the Offering for further exploration on its Forrest Kerr Gold Project located in B.C.’s Golden Triangle region, new property evaluation and for general working capital purposes.
The securities issued pursuant to the Offering and any shares issuable upon exercise of warrants will be subject to a statutory four month and one day hold period expiring March 3, 2017.
B.C.'s Golden Triangle map:
http://www.abenresources.com/i/maps/ABN_Golden_Triangle_map.jpg
About Aben Resources Ltd.:
Aben Resources Ltd. is a Canadian gold exploration company developing projects in British Columbia, the Yukon and North West Territories.
For further information on Aben Resources Ltd. (TSX-V:ABN), visit our Company’s web site at www.abenresources.com.
“Jim Pettit”
____________________________
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Don Myers
Aben Resources Ltd.
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.
