Abacus announces $1,200,000 financing
February 28 2018 - 6:00AM
Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSX-V:AME) is pleased to announce a non-brokered
private placement for proceeds of up to $1,200,000 through the
issuance of 6,000,000 units ("Units") at a price of $0.20 per Unit.
Each Unit will consist of one common share of the Company (a “Unit
Share”) and one non-transferable common share purchase warrant,
with each warrant exercisable to purchase one common share of the
Company at a price of $0.30 per common share for a period of 3
years from the date of closing of the financing.
The financing is subject to TSX Venture Exchange
(TSXV) approval. No finder's fees are payable on the financing, and
all securities issued will be subject to a four month hold period
under Canadian securities law.
Proceeds from the financing will be applied
towards the drill program at the Company’s Willow project in
Nevada, and general working capital and corporate
purposes.
An updated corporate presentation detailing the
new drill target on the Willow porphyry copper project is now
available on the Company’s website.
For further information, please contact Investor
Relations at (604) 682-0301.
On Behalf of the Board, ABACUS MINING
& EXPLORATION CORPORATION
Paul G. Anderson President and COO
About AbacusAbacus is a mineral
exploration and mine development company currently focused on its
optioned Willow copper-gold property located near Yerington, Nevada
in which it can acquire up to a 75% ownership interest, and the
contiguous Nev-Lorraine claims subject to a ten year lease
agreement. The Company also holds a 20% ownership interest,
together with KGHM Polska Miedz S.A. (80%), in the proposed
copper-gold Ajax Mine located southwest of Kamloops, B.C., which
has recently undergone a joint provincial and federal environmental
assessment process. The Ajax project awaits a final decision from
the Federal Cabinet on whether the project can proceed. On December
14, 2017, a decision was made by the B.C. Minister of Environment
and Climate Change Strategy and Minister of Energy, Mines and
Petroleum resources to decline to issue an environmental assessment
certificate for the Project. For the latest reports and information
on Abacus’ projects, please refer to the Company’s website at
www.amemining.com.
Forward-Looking InformationThis
release includes certain statements that are deemed
“forward-looking statements”. All statements in this release, other
than statements of historical facts, that address events or
developments that Abacus expects to occur, are forward-looking
statements. Forward- looking statements are statements that are not
historical facts and are generally, but not always, identified by
the words “expects”, “plans”, “anticipates”, “believes”, “intends”,
“estimates”, “projects”, “potential” and similar expressions, or
that events or conditions “will”, “would”, “may”, “could” or
“should” occur. Although the Company 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 may differ materially from
those in the forward-looking statements. Factors that could cause
the actual results to differ materially from those in
forward-looking statements include changes to commodity prices,
mine and metallurgical recovery, operating and capital costs,
foreign exchange rates, ability to obtain required permits on a
timely basis, exploitation and exploration successes, continued
availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Forward- looking statements are
based on the beliefs, estimates and opinions of the Company's
management on the date the statements are made. Except as required
by applicable securities laws, the Company undertakes no obligation
to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors,
should change.
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.
email: info@amemining.com
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