Abacus receives final acceptance for $1,495,000 non-brokered private placement
April 19 2021 - 12:39PM
Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV: AME) announces that the TSX Venture Exchange has
accepted for filing documentation with respect to the non-brokered
private placement (the “Private Placement”) announced on March 10,
2021, of 11,500,000 units (the “Units”) at a price of $0.13 per
Unit for total gross proceeds of $1,495,000. Closing of the Private
Placement was previously announced on April 14, 2021.
Each Unit consists of one common share of the
Company (a “Share”) and one-half of one common share purchase
warrant (a “Warrant”), with each full Warrant exercisable to
purchase one Share at a price of $0.20 per Share until April 14,
2023. The Company paid a total of $17,476 in cash commissions and
issued a total of 67,214 Warrants to certain arm’s length finders
in connection with the Private Placement. All
securities issued in connection with the Private Placement are
subject to a statutory four month hold period expiring August 15,
2021.
The Private Placement was offered to existing
shareholders of Abacus who were permitted to subscribe pursuant to
British Columbia Instrument 45-534 – Exemption from Prospectus
Requirements for Certain Trades to Existing Security Holders, as
well as under other available prospectus exemptions.
Proceeds from the Private Placement will be
applied towards the Company’s exploration programs and well as for
general working capital.
The Company holds options and leases on the
Willow and adjacent Nev-Lorraine copper-molybdenum properties in
Nevada, and a carried interest in the advanced Ajax copper-gold
development project in B.C. Further details of all of the Company’s
properties may be found on the Company website.
On behalf of the Board,
ABACUS MINING & EXPLORATION
CORPORATION
Paul G. AndersonPresident and CEO
About Abacus
Abacus is a mineral exploration and mine
development company currently focused on its optioned Willow
copper-gold property located near Yerington, Nevada in which it can
acquire up to a 75% ownership interest, and the contiguous
Nev-Lorraine claims subject to a ten-year lease agreement. The
Company also holds a 20% ownership interest, together with KGHM
Polska Meidz S.A. (80%), in the proposed copper-gold Ajax Mine
located southwest of Kamloops, B.C., which has recently undergone a
joint provincial and federal environmental assessment process. On
December 14, 2017, a decision was made by the B.C. Minister of
Environment and Climate Change Strategy and the Minister of Energy,
Mines and Petroleum resources to decline to issue an environmental
assessment certificate for the Project. For the latest reports and
information on Abacus’ projects, please refer to the Company’s
website at www.amemining.com.
Forward-Looking Information
This release includes certain statements that
are deemed “forward-looking statements”. All statements in this
release, other than statements of historical facts, that address
events or developments that Abacus expects to occur, are
forward-looking statements. Forward- looking statements are
statements that are not historical facts and are generally, but not
always, identified by the words “expects”, “plans”, “anticipates”,
“believes”, “intends”, “estimates”, “projects”, “potential” and
similar expressions, or that events or conditions “will”, “would”,
“may”, “could” or “should” occur. Forward looking statements may
include, without limitation, statements relating to future outlook
and anticipated events, such as receipt of final TSXV acceptance in
respect of the Private Placement or the anticipated use of proceeds
of the Private Placement by the Company. Although the Company
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 may differ
materially from those in the forward-looking statements. Factors
that could cause the actual results to differ materially from those
in forward-looking statements include changes to commodity prices,
mine and metallurgical recovery, operating and capital costs,
foreign exchange rates, ability to obtain required permits on a
timely basis, exploitation and exploration successes, continued
availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Forward- looking statements are
based on the beliefs, estimates and opinions of the Company's
management on the date the statements are made. Except as required
by applicable securities laws, the Company undertakes no obligation
to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors,
should change.
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.
Tel: 604.682.0301
email: info@amemining.com
website: www.amemining.com
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