VANCOUVER, British Columbia, Aug. 15, 2018 (GLOBE NEWSWIRE) -- 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:
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.
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.