Aben Resources Announces $4 Million Private Placement Led by Eric Sprott
August 15 2018 - 3:05AM
Aben Resources Ltd.
(TSX-V: ABN) (OTCBB: ABNAF)
(Frankfurt: E2L2) (the “Company”) announces a non-brokered
private placement of up to 13,333,333 units at a price of $0.30
each to raise gross proceeds of up to $4,000,000. Each unit
will consist of one common share and one warrant (each, a
“Warrant”) exercisable to purchase one additional common share at a
price of $0.45 each for a period of two (2) years from the date of
issuance. The lead order is for $2,000,000 from Eric Sprott who
will subscribe for 6,666,667 million Units. Additionally, Palisade
Global Investments will subscribe for 2,750,000 million Units and
Venture Ad Network will subscribe for 600,000 Units.
Forrest Kerr Project, Golden Triangle,
British Columbia location map:
https://www.abenresources.com/site/assets/files/4287/fk-003.jpg
Jim Pettit, Aben’s Chief Executive Officer,
stated: "Aben Resources is very pleased to welcome Eric Sprott as a
large strategic shareholder of the Company. Mr. Sprott is one of
the world's premiere precious metals investors and a respected
leader in the investment community. His participation in this
financing speaks to the high-grade discovery and future potential
of Aben Resources’ Forest Kerr Project in the Golden Triangle
region of British Columbia. The Company plans to expand its current
drill program on the back of the results from the first drill hole
in the program at the newly discovered North Boundary Zone which
intersected four separate high-grade intervals including 62.4 g/t
Au over 6.0m within 38.7 g/t Au over 10.0m from 114.0-124.0m. With
drilling ongoing, Aben is awaiting assay results from an additional
seven drill holes, all of which were drilled at the North Boundary
Zone and will provide updates as results become available."
The Company intends to utilize the proceeds from
the private placements to expand its 2018 exploration and drilling
program at its Forrest Kerr Gold Project located in the Golden
Triangle, British Columbia and for general working capital
purposes. The private placement is subject to TSX Venture Exchange
approval, and all securities are subject to a
four-month-and-one-day hold period. Finder fees may be payable in
connection with the private placement, all in accordance with the
policies of the TSX Venture Exchange.
About Aben Resources:
Aben Resources is a Canadian gold exploration
company developing projects in British Columbia’s Golden Triangle,
Saskatchewan and the Yukon.
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.
PETTITPresident & CEO
For further information contact myself or:Don
MyersAben Resources Ltd. Director, Corporate
CommunicationsTelephone: 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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