Abacus completes non-brokered private placement
November 23 2018 - 7:58PM
Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV:AME) is pleased to announce the closing of the
previously announced non-brokered private placement for gross
proceeds of $487,200 through the issuance of 4,872,000 units of the
Company ("Units") at a price of $0.10 per Unit. Each Unit consists
of one common share of the Company and one non-transferable common
share purchase warrant (“Warrant”), with each Warrant exercisable
to purchase one common share of the Company at a price of $0.20 per
common share for a period of three years from the date of closing
of the financing. Abacus paid a total of $4,529.00 in cash
commissions and issued a total of 45,290 Warrants to finders.
All securities issued will be subject to a statutory four month
hold period expiring on March 24, 2019, and the financing is
subject to final TSX Venture Exchange approval.
Proceeds from the financing will be applied
towards the Company's exploration commitments and for general
working capital and corporate purposes. The Company holds
options and leases on the Willow and adjacent Nev-Lorraine
copper-molybdenum properties in the Yerington copper camp,
southeast of Reno, Nevada. The properties are collectively known as
the Willow Project.
On Behalf of the Board, ABACUS MINING & EXPLORATION
CORPORATION
Paul G. Anderson President and COO
About Abacus
Abacus 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 Information
This 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.
Suite 1000 – 1050 West Pender
StreetVancouver, B.C. V6E 3S7 CanadaTel:
604.682.0301Website: www.amemining.com
email: info@amemining.com
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