VANCOUVER, British Columbia, April 16, 2018 (GLOBE NEWSWIRE) -- Aben Resources Ltd. (TSX-V:ABN) (OTCBB:ABNAF) (Frankfurt:E2L2) (the “Company”) is pleased to announce that due to strong interest, the Company is increasing the previously announced non-brokered private placement (see news release dated April 6th, 2018) to 6,600,000 units at a price of $0.125 each to raise gross proceeds of up to $825,000. 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 $0.25 each for a period of 3 years from the date of issuance. The expiry period for the 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.
Terms of the Company’s previously announced flow-through non-brokered private placement of up 8,500,000 flow-through units at a price of $0.18 each to raise gross proceeds of up to $1,530,000 remains unchanged.
A finder’s fee in the amount of 7% cash and 7% finder's warrants (the "Finder's Warrants") may be paid in connection with part of the private placements with each Finder's Warrant having the same terms as the unit Warrants. The private placements are subject to TSX Venture Exchange acceptance.
The Company intends to utilize the proceeds from the private placements for an upcoming 2018 exploration and drilling program at its Forrest Kerr Gold Project located in the Golden Triangle, British Columbia and for general working capital purposes.
Forrest Kerr Project, Golden Triangle, British Columbia location map:
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.
JAMES G. PETTIT
President & CEO
For further information contact:
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.