VANCOUVER, British Columbia, Jan. 05, 2018 (GLOBE NEWSWIRE) -- Aben Resources Ltd. (ABN.V) (ABNAF) (E2L2.F) (the “Company”) is pleased to announce, further to its News Releases on December 18th, 19th, and 29th, that the Company increased its proposed non-brokered private placement of units at $0.135 each from 1,851,852 units for gross proceeds of $250,000 to 2,024,747 units for gross proceeds of $273,250.84, and closed the private placement on January 4, 2018 on conditional TSX Venture Exchange acceptance. The private placement is subject to final acceptance by the TSX Venture Exchange.
Each Unit purchased included one common share as well as one share purchase warrant ("Warrant"). Each Warrant will entitle the holder to purchase one additional common share for one (1) year at a price of CAD $0.18 per share.
In connection with the financing, Aben issued a total of 17,500 warrants to finders (the "Finder Warrants") who introduced certain subscribers to the private placement. Each Finder Warrant will entitle the finder to purchase one additional common share for one (1) year at a price of CAD $0.18 per share. The Company also paid to finders a total of CAD $2,362.50 in cash fees associated with this financing.
Shares issued in connection with this private placement and any shares issued as a result of exercise of Warrants will be subject to a hold period expiring May 05, 2018.
The Company intends to utilize the proceeds from the private placement for an upcoming 2018 exploration and drilling program at its Chico Gold Project in Saskatchewan and for general working capital purposes.
Chico Gold Project, Saskatchewan 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.
Aben Resources has approx. 63.7 million shares issued and outstanding.
ABEN RESOURCES LTD.
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Aben Resources Ltd.
Director, Investor Relations
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.