TO U.S. WIRE SERVICES Abacus Announces Increased Financing to $550,000
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION
TO U.S. WIRE SERVICES
Abacus Announces Increased Financing to $550,000
Vancouver, BC – April 21, 2023. Abacus Mining & Exploration Corporation (“Abacus” or the “Company”)
(TSXV: AME). Further to its news release of April 17, 2023 , the Company is pleased to announce that
due to demand, the non-brokered private placement (“ Offering”) has been increased from gross
proceeds of $500,000 to gross proceeds of $550,000, on the issuance of up to 18,333,333 units (“Units”)
at a price of $0.03 per Unit.
Each Unit will consist of one common share of the Company and one half of one non -transferable
common share purchase warrant, with each warrant exercisable to purchase one common share of the
Company at a price of $0.05 per common share for a period of 3 years from the date of closing of the
Offering.
Proceeds from the Offering will be applied towards exploration and for general working capital, and
payment of US$82,500 in respect of a property payment to the owners of the Nev-Lorraine property.
The Company holds options and leases on the Willow and adjacent Nev-Lorraine copper-molybdenum
properties near Yerington, Nevada, and a 20% interest carried to production in the advanced Ajax
copper-gold development project in B.C . Investors are referred to the Company website for the latest
news and project descriptions.
The Offering is being conducted pursuant to available prospectus exemptions, including the exemption
to existing shareholders of Abacus who are permitted to subscribe pursuant to British Columbia
Instrument 45-534 – Exemption from Prospectus Requirement for Certain Trades to Existing Security
Holders. If total subscriptions received for the Offering exceed the maximum Offering amount of
$500,000, Units may be allocated pro rata among all subscribers qualifying under all avail able
exemptions, unless the Company otherwise increases the maximum Offering amount .
The financing is subject to TSX Venture Exchange approval. In connection with the Offering, certain
finders may receive a cash fee and/or non -transferable finder warrant s. All securities issued will be
subject to a four month hold period under Canadian securities law.
On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION
Paul G. Anderson, P. Geo.
President and CEO
About Abacus
Abacus is a mineral exploration and mine development company currently focused on copper and gold in B.C.
and Nevada. The Company’s main asset is a 20% ownership interest, together with KGHM Polska Miedź S.A.
(80%), in the proposed copper-gold Ajax Mine located southwest of Kamloops, B.C., which has 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. KGHM have
recently reopened an office in Kamloops, B.C. to facilitate First Nation, community and governmental
engagement in order to advance the project towards a potential resubmission of the environmental application.
Suite 1000 – 1050 West Pender Street
Vancouver, B.C. V6E 3S7 Canada
Tel: 604.682.0301
email: [email protected]
website: www.amemining.com
TSX Venture Exchange Symbol: AME
Abacus also holds an option on the 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.
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. F orward-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 tha t events or conditions “will”, “would”,
“may”, “could” or “should” occur. 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 gener al 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 bel iefs,
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.