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VAL-D'OR, QC, April 24, 2017 /CNW Telbec/ - ABE Resources Inc.
(TSXV: ABE) (the "Company" or "ABE") is pleased to
announce that it is increasing the maximum size of its non-brokered
private placement (the "Private Placement") from
$2,000,000 to $2,250,000. The Private
Placement is being completed in connection with a 2:1 consolidation
of the Company's issued and outstanding securities (the
"Consolidation"), its proposed arm's length acquisition (the
"Acquisition") of Pioneer Resources Inc. ("Pioneer"),
and a series of shares for debt transactions to settle $145,904 in outstanding indebtedness of Pioneer
owed to certain current officers, directors, and shareholders of
Pioneer (the "Debt Settlement"), as previously announced on
November 15, 2016 and April 21, 2017.
The Private Placement now consists of an offering of a minimum
of 30,000,000 post-Consolidation units of ABE (each, a
"Unit") and a maximum of 45,000,000 Units at a price of
$0.05 per Unit for minimum gross
proceeds of $1,500,000 (the
"Minimum Offering") and maximum gross proceeds of
$2,250,000.
Each Unit will consist of one post-Consolidation Share and one
post-Consolidation common share purchase warrant (a
"Warrant"), with each Warrant entitling the holder thereof
to acquire one post-Consolidation Share at an exercise price of
$0.15 per Share for a period of 24
months.
The proceeds of the Private Placement will be used to complete
the transactions described in this news release (collectively, the
"Transactions") and to carry out exploration work on
Pioneer's mining properties located near the town of Ste-Anne-des Monts, in the province of
Quebec, known as the Dôme
Lemieux property.
In connection with the Private Placement, the Company has agreed
to pay a finder's fee in respect of those purchasers introduced to
the Company by Echelon Wealth Partners Inc. (the "Finder").
The Finder will receive a cash payment equal to 6% of the gross
proceeds received from purchasers under the Offering who were
introduced to the Company by the Finder.
The closing of the Acquisition remains subject to completion of
the Consolidation, the Minimum Offering, and the Debt Settlement
and each of the Transactions remain subject to the final approval
of the TSX Venture Exchange.
About ABE Resources Inc.
ABE Resources Inc. is a Quebec
mineral exploration company focused on the discovery and
development of mineral deposits of economic potential primarily in
the province of Quebec. For
further information on the Company, please visit our website at
www.aberesources.ca or contact us at info@aberesources.ca.
About Pioneer Resources Inc.
Pioneer is a privately held mineral exploration company with an
experienced mineral exploration management team that holds a 100%
undivided interest in the Dôme Lemieux property located in Gaspé,
Quebec. The property hosted three
past producing mines (lead, copper, zinc) and several showings, is
accessible by road year-round, and has historical drilling
totalling approximately 66,000 m.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This
news release includes certain "forward-looking statements" under
applicable Canadian securities legislation. Forward-looking
statements include, but are not limited to, statements with respect
to: the ability of ABE to obtain all required approvals and
consents and to complete the Transactions; the terms and conditions
of the proposed Transactions; use of funds from the Private
Placement; and the business and operations of ABE upon completion
of the proposed Transactions. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable, are subject to known and unknown
risks, uncertainties, and other factors which may cause the actual
results and future events to differ materially from those expressed
or implied by such forward-looking statements. Such factors
include, but are not limited to: general business, economic,
competitive, political and social uncertainties; delay or failure
to receive regulatory approvals; and the ability of ABE to execute
and achieve its business objectives. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. ABE disclaims any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
SOURCE ABE Resources Inc.