pcNewsWire – Aben Resources Ltd. (TSX-V: ABN; OTCBB: ABNAF; Frankfurt: E2L2) has closed its previously announced non-brokered private placement of 5,865,500 units at $0.10 per unit for gross proceeds of $586,500 and 6,500,000 flow-through Units at $0.125 per flow-through Unit for gross proceeds of $812,500.
Aben Resources intends to utilize the proceeds for a 2017 exploration and drilling program at its Forrest Kerr Gold Project located in B.C.’s Golden Triangle region and for general working capital purposes.
Aben Resources Closes Private Placement Financing
Vancouver, BC — Aben Resources Ltd. (TSX-V: ABN) (OTCBB: ABNAF) (Frankfurt: E2L2) (the “Company”) is pleased to announce it has closed its previously announced non-brokered private placement (see news release June 14th).
As the financing was oversubscribed, the Company has issued 5,865,500 Units at a price of $0.10 per Unit for gross proceeds of $586,500. Each Unit consist of one share and one share purchase Warrant entitling the holder to purchase an additional common share at a price of $0.15 for a period of three and one half years expiring December 29, 2020.
Pursuant to the Offering, Aben has also issued 6,500,000 flow-through Units at a price of $0.125 per flow-through Unit for gross proceeds of $812,500. Each flow-through Unit consist of one flow-through share and one share purchase Warrant entitling the holder to purchase an additional non flow-through share at a price of $0.15 for a period of three and one half years expiring December 29, 2020.
In connection with part of this Offering, the Company paid $67,865 in cash finder’s fees and issued 568,750 finder’s warrants (“Finder’s Warrants”) to qualified arm’s length finders. Each Finder’s Warrant entitles the holder to acquire one additional share at an exercise price of $0.15 for a period of three and one half years expiring December, 29, 2020.
The securities issued pursuant to the Offering and any shares issuable upon the exercise of warrants will be subject to a statutory four month and one day hold period expiring October 30, 2017.
The Company intends to utilize the proceeds from this financing for a 2017 exploration and drilling program at its Forrest Kerr Gold Project located in B.C.’s Golden Triangle region and for general working capital purposes.
B.C.’s Golden Triangle map:
Aben also announces, pursuant to its stock option plan, it has granted incentive stock options to its directors, officers, employees and consultants to purchase up to an aggregate of 2,000,000 common shares in the capital stock of the Company, exercisable for a period of five years, at a price of $0.10 per share. The Company’s 10% rolling stock option plan was approved by the shareholders at the Annual General Meeting of the Company held on May 23, 2017.
About Aben Resources:
Aben Resources is a Canadian gold exploration company developing projects in British Columbia’s Golden Triangle, the Yukon and Saskatchewan. For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com.
Aben Resources has approx. 46.8 million shares issued and outstanding.
ABEN RESOURCES LTD.
JAMES G. PETTIT
President & CEO
For further information contact:
Aben Resources Ltd.
Director, Investor Relations
Toll Free: 800-567-8181
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.