Aben Closes Private Placement
July 10 2020 - 7:00AM
Aben Resources Ltd. (TSX-V:
ABN) (OTCQB:
ABNAF) (Frankfurt:
E2L2) (“Aben” or “the
Company”) is pleased to announce that it has
completed a non-brokered private placement financing for total
gross proceeds of $1,046,300.04 (the “Private Placement”). The
Company has issued 5,385,000 units (the "Units") at a price of CAD
$0.10 per Unit and 4,231,667 flow-through units (the "FT Units") at
a price of CAD $0.12 per FT Unit.
Each Unit is comprised of one common share and
one warrant (a “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 (2) 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
("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 ("MI 61-101") 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.
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: Simon DyakowskiAben
Resources Ltd. Strategic Advisor Telephone: 604-687-3376Toll Free:
800-567-8181Facsimile: 604-687-3119Email:
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.
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