TSXV: ABE
VAL-D'OR,
QC, April 1, 2014 /CNW Telbec/
- ABE Resources Inc. (the "Company") (TSXV: ABE) is pleased
to announce that it has completed a non-brokered private placement
for a total of $100,000.
The Company issued a total of 2,000,000 units of
the Corporation (the "Units") at a price of $0.05 per Unit for aggregate gross proceeds of
$100,000. Each Unit consists of
one common share and one Warrant. Each Warrant entitles its
holder to subscribe to one common share of the Corporation at an
exercise price of $0.10 per common
share within 48 months following the date of issuance of the
Warrant. No commissions or finder's fees were paid in relation to
this private placement.
The offering is subject to compliance with
applicable securities legislation and the approval of the TSX
Venture Exchange. All securities issued in connection with the
offering will be subject to a hold period of four months plus one
(1) day, expiring August 1, 2014. The
securities have not been nor will they be registered under the
United States Securities Act of 1933, as amended, or state
securities laws, and may not be offered or sold in the United States or to an account for the
benefit of U.S. persons, absent such registration or an exemption
from registration. The proceeds from the private placement will be
used for working capital and for general corporate purposes.
The Company also wishes to announce a grant of
590,000 incentive stock options to certain directors, officers,
consultants and employees of ABE. Each option is exercisable into
one common share of ABE at a price of $0.10 for a period of 5 years from grant. The
date of grant of the options is March 31,
2014. Common shares issued pursuant to the exercise of the
options are subject to a four (4) month plus one (1) day hold
period until August 1, 2014.
The Company also announces that it will re-price
and extend 352,000 incentive stock options issued to directors,
officers, employees and consultants of the Company. The options
were originally granted between December
2009 and July 2011 with
exercise prices ranging from $1.00 to
$1.50. The new exercise price for these options will be
$0.10 per share and all the expiry
dates for these options will be extended to August 30, 2016. The re-pricing of the options is
subject to the approval of the TSX Venture Exchange and no options
may be exercised at the new price until such approval is obtained.
In addition, as required by TSX Venture Exchange policies, the
re-pricing of any options held by insiders (directors and officers)
is subject to disinterested shareholder approval within 12 months
of the date of re-pricing.
About ABE Resources
ABE Resources is a Quebec
exploration company focused on the discovery and development of
mineral deposits of economic potential in Québec. ABE currently has
11,510,944 common shares issued and outstanding (including those
issued under the offering).
The Company's public documents may be accessed at
www.sedar.com
For further information on the Company, please visit our website at
www.ressourcesabe.ca or contact us at info@ressourcesabe.ca
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.
SOURCE ABE Resources Inc.