Aben Closes $4.28 Million Private Placement Financing Led by Eric Sprott
Suite 1610 – 777 Dunsmuir Street, Vancouver, BC, V7Y 1K4, CANADA
www.abenresources.com
TSX-V Trading Symbol: ABN
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
NEWS RELEASE
August 21st, 2018
Aben Closes $4.28 Million Private Placement Financing Led by Eric Sprott
Vancouver, BC -- Aben Resources L td. (TSX -V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2)
(“Aben” or the “Company”) is pleased to announce it has closed its previously announced non -
brokered private placement financing (see news release dated August 15, 2018) for aggregate
gross proceeds of approximately CAD $ 4.28 million. The Company intends to utilize the
proceeds from this financing for its ongoing 2018 exploration and drilling program at its Forrest
Kerr Gold Project located in B.C.’s Golden Triangle region and for general working capital
purposes.
Golden Triangle, BC Claims Map:
https://www.abenresources.com/site/assets/files/4287/fk-003.jpg
The Company has issued 14,264,967 units (each, a “Unit”) at a price of $0.30 per Unit for gross
proceeds of $ 4,279,490 (the “Offering”) . Each Unit consists of one common share of the
Company (each, a “Sha re”) and one share purchase warrant ( each, a “Warrant”) entitling the
holder to purchase an additional common share at a price of $0. 45 for a period of t wo years
expiring August 21, 2020.
The Company is also pleased to announce that approximately 4.78 million warrants have been
exercised since May 31 st, 2018, raising an additional $ 791,219 in net proceeds for the
Company.
The Company’s President and CEO, Jim Pettit, stated: “With the closing of this financing, we
are pleased to welcome Eric Sprott as a large, strategic shareholder of Aben. T he Company is
well positioned with over $ 6.0 million in the treasury to expa nd the 2018 d rill program at its
flagship Forrest Kerr Gold Project. Additional drilling is warranted 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 grams per tonne gold over 6.0 m within 38.7
g/t Au over 10.0 m from 114.0 to 124.0 m. Aben has now completed 4 ,850 meters of drilling in
16 holes and is awaiting assay results . The majority of these holes were drilled at the North
Boundary Zone and the Company will provide updates as results become available.”
As of the date hereof, after giving effect to this acquisi tion, Mr. Eric Sprott beneficially owns and
controls 6,666,667 Shares and 6,666,667 Warrants of Aben, representing approximately 6. 6%
of the issued and outstanding shares on a non -diluted basis, and approximately 12.5% on a
partially diluted basis. Prior to the date hereof, Mr. Sprott did not beneficially own any securities
of Aben.
The Units were acquired by Mr. Sprott, through 2176423 Ontario Ltd., for investment purposes.
Mr. Sprott has a long-term view of the investment and may acquire additional securities of Aben
either on the open market or through private acquisitions or sell securities of A ben either on the
open market or through private dispositions in the future depending on market conditions,
reformulation of plans and/or other relevant factors.
In connection with part of this Offering, the Company paid $237,999.29 in cash finder's fees and
issued 793,331 finder's warrants ("Finder's Warrants") to qualified arm's length finders. Each
Finder's Warrant entitles the holder to acquire one additional Share at an exercise price of $0.45
for a period of two years expiring August 21st, 2020. Four directors of the Company subscribed
for 175,000 Units of the Offering.
The securities issued pursuant to the Offering and any shares issuable upon the exercis e of
warrants will be subject to a statutory four month and one day hold period expiring December
22nd, 2018.
Cornell McDowell, P.Geo., V.P. of Exploration of Aben Resources , has reviewed and approved
the technical aspects of this news release and is the Qualified Person as defined by National
Instrument 43-101.
About Aben Resources:
Aben Resources is a Canadian gold exploration company developing projects in British
Columbia’s Golden Triangle, the Yukon, and Saskatchewan. The Company is actively exploring
its flagship and high -grade Forrest Kerr Project located in the Golden Triangle region where
recent drilling has discovered strong precious and base metal mineralization at the North
Boundary Zone.
For further information on Aben Resources Ltd. (TSX -V: ABN), visit our Company’s web site at
www.abenresources.com.
ABEN RESOURCES LTD.
“Jim Pettit”
____________________________
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Don Myers
Aben Resources Ltd.
Director, Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
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 includ es 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 statemen ts. 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 thos e 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.