Aben Resources Closes Private Placement Financing
VANCOUVER, British Columbia, July 05, 2017 (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 (see news release June 14th).
As the financing was oversubscribed, the Company has issued 5,865,500 Units at a price of $0.10 per Unit for gross proceeds of $586,500. Each Unit consists of one share and one share purchase Warrant entitling the holder to purchase an additional common share at a price of $0.15 for a period of three and one half years expiring December 29, 2020.
Pursuant to the Offering, Aben has also issued 6,500,000 flow-through Units at a price of $0.125 per flow-through Unit for gross proceeds of $812,500. 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 $0.15 for a period of three and one half years expiring December 29, 2020.
In connection with part of this Offering, the Company paid $67,865 in cash finder's fees and issued 568,750 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 $0.15 for a period of three and one half years expiring December, 29, 2020.
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 October 30, 2017.
The Company intends to utilize the proceeds from this financing for a 2017 exploration and drilling program at its Forrest Kerr Gold Project located in B.C.’s Golden Triangle region and for general working capital purposes.
B.C.'s Golden Triangle map:
http://www.abenresources.com/i/maps/ABN_Golden_Triangle_map.jpg
Aben also announces, pursuant to its stock option plan, it has granted incentive stock options to its directors, officers, employees and consultants to purchase up to an aggregate of 2,000,000 common shares in the capital stock of the Company, exercisable for a period of five years, at a price of $0.10 per share. The Company's 10% rolling stock option plan was approved by the shareholders at the Annual General Meeting of the Company held on May 23, 2017.
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 has approx. 46.8 million shares issued and outstanding.
“Jim Pettit”
____________________________
JAMES G. PETTIT
President & CEO
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.
For further information contact:
Aben Resources Ltd.
Director, Investor Relations
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
