Aben Resources closes $1.04-million financing

Jul 10, 2020

2020-07-10 08:44 ET – News Release

Mr. Jim Pettit reports

ABEN CLOSES PRIVATE PLACEMENT

Aben Resources Ltd. has completed a non-brokered private placement financing for total gross proceeds of $1,046,300.04. The company has issued 5,385,000 units at a price of 10 cents per unit and 4,231,667 flow-through units at a price of 12 cents per FT unit.

Each unit comprises one common share and one warrant. Each FT unit comprises one flow-through common share and one-half of one warrant. Each warrant will entitle the holder to purchase one common share for a period of two years at a price of 15 cents per share.

In addition, the company has paid finder’s fees totalling $56,056 and issued an aggregate 520,800 finder’s warrants to arm’s-length parties, with each finder’s warrant bearing the same terms as the warrants.

The company intends to use the proceeds from this private placement for exploration activities and the upcoming drilling program at its Forrest Kerr gold project, British Columbia, as well as for general working capital purposes. The private placement is subject to final TSX Venture Exchange approval and all securities issued are subject to a four-month-and-one-day hold period.

A portion of the private placement constitutes a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions adopted in the policy. The company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the private placement.

About Aben Resources Ltd.

Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon. Aben is a well-financed junior exploration company with over $1.0-million in the company’s treasury.

We seek Safe Harbor.

https://www.abenresources.com/