VANCOUVER, British Columbia, April 23, 2018 (GLOBE NEWSWIRE) -- 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 financings (see news releases dated April 6, 2018 and April 16, 2018) for aggregate gross proceeds of just over CAD $2.32 million. The Company intends to utilize the proceeds from this financing for a 2018 exploration and drilling program at its Forrest Kerr Gold Project located in B.C.’s Golden Triangle region and for general working capital purposes.
Golden Triangle, BC Claims Map:
The Company has issued 6,283,000 Units at a price of $0.125 per Unit for gross proceeds of $785,375. Each Unit consists of one share and one share purchase warrant (the “Warrants”) entitling the holder to purchase an additional common share at a price of $0.25 for a period of three years expiring April 23, 2021.
Additionally, Aben has issued 8,550,000 flow-through Units at a price of $0.18 per flow-through Unit for gross proceeds of $1,539,000. Each flow-through Unit consists 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 $0.25 for a period of three years expiring April 23, 2021.
The Company’s President and CEO, Jim Pettit, stated: “With the closing of these financings, the Company is well positioned with over $3.5 million in the treasury to fund the upcoming drill programs at its flagship Forrest Kerr Gold Project. We are keen to commence the drilling after the success of last year’s summer drill program which included a new discovery and high grade drill results of 21.5 grams per tonne Au, 28.5 grams per tonne Ag and 3.1% Cu over 6 metres as well as 6.7 grams per tonne Au and 0.9% Cu over 10 metres at the Boundary North Zone. Notable regional discoveries by Pretium, GT Gold, Colorado Resources and others illustrate the significant discovery upside remaining in the district and we are confident in the potential at Forrest Kerr given the newly discovered and historic high grade mineralization there as well as the numerous untested gold-in-soil anomalies present.”
In connection with part of this Offering, the Company paid $95,349 in cash finder's fees and issued 649,730 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 $0.25 for a period of three years expiring April 23, 2021. Two directors of the Company subscribed for 160,000 Units of the financing.
The expiry period for the Warrants and Finder’s Warrants shall be subject to acceleration if the average trading price for the Company's shares stays above $0.50 for 10 consecutive trading days. 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 August 24, 2018.
Cornell McDowell, P.Geo., V.P. of Exploration of Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person as defined by National Instrument 43-101.
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 LTD.
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Aben Resources Ltd.
Director, Corporate Communications
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.
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.