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Aben Closes Private Placement

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Aben Closes Private Placement

 

 

 

 

 

Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2) is pleased to announce that it has completed a non-brokered private placement financing for total gross proceeds of $1,046,300.04. The Company has issued 5,385,000 units at a price of CAD $0.10 per Unit and 4,231,667 flow-through units at a price of CAD $0.12 per FT Unit.

 

Each Unit is comprised of one common share and one warrant. Each FT Unit is comprised of one flow-through common share and one-half of one Warrant. Each Warrant will entitle the holder to purchase one common share for a period of two years at a price of CAD $0.15 per share.

 

In addition, the Company has paid finder’s fees totaling $56,056 and issued an aggregate 520,800 finder’s warrants to arm’s-length parties, with each finder’s warrant bearing the same terms as the Warrants.

 

The Company intends to use the proceeds from this Private Placement for exploration activities and the upcoming drilling program at its Forrest Kerr Gold Project, British Columbia, as well as for general working capital purposes. The Private Placement is subject to final TSX Venture Exchange approval and all securities issued are subject to a four-month-and-one-day hold period.

 

A portion of the Private Placement constitutes a “related party transaction” within the meaning of Exchange Policy 5.9 and Multilateral Instrument 61-101 -Protection of Minority Security Holders in Special Transactions adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61- 101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Private Placement.

 

About Aben Resources:

 

Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon Territory. Aben is a well-funded junior exploration company with over $1.0 million in the Company’s treasury.

 

Posted July 10, 2020

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