Abacus Increases Financing to $175,000
May 17 2019 - 6:00AM
Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV:AME) is pleased to announce that in response to
investors’ requests, it has increased its non-brokered private
placement financing to $175,000 from the initially targeted
$150,000 as set out in the Company’s news release dated May 1,
2019.
The amended financing will be completed through
the issuance of 3,500,000 units ("Units") at a price of $0.05 per
Unit. Each Unit will consist of one common share of the
Company and one full non-transferable common share purchase
warrant, with each warrant exercisable to purchase one common share
of the Company at a price of $0.08 per common share for a period of
3 years from the date of closing of the financing.
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 Yerington copper camp contains several past
producing porphyry and skarn deposits, including the Yerington Mine
that produced approximately 1.6 billion pounds of copper for
Anaconda between 1952 until 1978. Advanced projects in the camp
include Ann Mason (M&I of 1.4BT at 0.32% Cu), owned by Mason
Resources, Nevada Coppers’ Pumpkin Hollow (P&P of 572 MT at
0.4% Cu) which is in mine development, and Quaterra Resources’
MacArthur oxide project (M&I of 159MT at 0.212% Cu) which is in
prefeasibility.
The Company also has a 20% carried interest in
the advanced stage Ajax Cu-Au project in B.C.
The financing is subject to TSX Venture Exchange
approval. In connection with the offering, certain finders may
receive a cash fee and/or non-transferable finder warrants. All
securities issued will be subject to a four month hold period under
Canadian securities law.
The technical information in this news release
has been reviewed and approved by Paul G. Anderson, M.Sc., P.Geo.,
a Qualified Person within the meaning of National Instrument
43-101.
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 Meidz 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. On December 14, 2017, a decision was made by
the B.C. Minister of Environment and Climate Change Strategy and
the 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.
Suite 1000 – 1050 West Pender Street
Vancouver, B.C. V6E 3S7 Canada
Tel: 604.682.0301
email: info@amemining.comwebsite: www.amemining.com
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