Abcana Capital Inc. Closes Acquisition of Casa Minerals Inc.
Abcana Capital Inc. Closes Acquisition of Casa Minerals Inc.
Vancouver, British Columbia--(December 5, 2017) - Abcana Capital Inc. (TSXV: ABQ.H) (the “Company”)
is pleased to announce that it has completed its acquisition of Casa Minerals Inc. (“Casa”) pursuant to
the terms of an amended and restated amalgamation agreement dated September 13, 2017 (the
“Transaction”). As a result of closing of the Transaction, the Company will be listed as a Tier 2 mining
issuer on the TSX Venture Exchange, effective on opening of trading on December 7, 2017, under the
symbol “CASA”.
Acquisition of Casa and Private Placement Financing
Under the terms of the Amended and Restated Amalgamation Agree ment, the Company acquired all of
the issued and outstanding shares of Casa and, in consideration of which, the Company issued an
aggregate of 21,487,301 common shares to the shareholders of Casa.
Effective today, the Company closed its private placement financing by issuing 1,020,000 Flow -Throw
Units of the Company at a price of $0.10 per Flow -Through Unit for gross proceeds of $102,000 and
1,200,000 Units at a price of $0.0675 per Unit for gross proceeds of $81,000. Each Flow-Through Unit
consists of one flow-through Common Share and one-half of one share purchase warrant, and each Unit
consists of one Common Share and one share purchase warrant (the “Warrants”) . Each whole Warrant
entitles the holder to purchase one additional common share of the Compa ny at any time on or before
5:00 p.m. (Vancouver time) two years from the date of issuance of the warrants at a price of $0.10 per
common share.
The securities will be subject to a hold period expiring on March 30, 2018 pursuant to applicable
Canadian securities laws and the rules of the TSX Venture Exchange. No finder’s fee was payable under
the private placement. The proceeds of the private placement will be used for exploration work on the
Pitman Property and general working capital purposes.
As part of the Transaction, the Company changed its name to “Casa Minerals Inc.”.
Directors, Officers and Stock Options
As a result of the closing of the Transaction, Farshad Shirvani became the Chief Executive Officer,
President and a director of the Company, Anke Woodworth became the Chief Financial Officer and a
director of the Company and Robert Hall and Erik Ostensoe will serve as directors of the Company.
In conjunction with closing the Transaction, t he Company granted 1,800,000 stock options to the
officers, directors and consultants of the Company. The options will be exercisable a t a price of $0.09
per share for a period of five years from the date of the final exchange bulletin.
Escrow Shares
A total of 9,840,666 shares will be subject to the escrow requirements set forth in TSX Venture Exchange
Policy 5.4 – Escrow, Vendor Consideration and Resale Restrictions whereby 10% of the escrowed shares
will be released on the initial listing date and 15% of the escrowed shares will be released each six
month period thereafter.
About Casa Minerals Inc.
The Company is engaged in the acquisition, exploration and development of its mineral property located
in Canada. The Company owns a one hundred percent (100%) interest in the Pitman Property and has an
option to acquire a seventy-five percent (75%) interest in the Arsenault Property.
The Pitman Property is comprised of five mineral claims covering approximately 5,423.17 hectares and is
located 2 0 kilometres from Terrace, British Columbia. The mineral claims of the Pitman Property
comprise five non -contiguous mineral tenures of historical prospecting, including the Pitman copper-
molybdenum+
-silver prospect and the WoMo and Paddy Mac gold and base m etal prospects as well as
the Keaper gold -silver-copper propspect . Casa’s exploration program for the Pitman Property will be
primarily focused on the exploration for gold, copper, silver and molybdenum.
The Arsenault Property is comprised of three minera l claims covering approximately 2,751.07 hectares
and is located in the Atlin Mining Division, British Columbia. The focus on the Arsenault Property will be
to further define the volcanogenic massive sulphide exploration target located within the Arsenaul t
Property.
For more information, please contact:
Casa Minerals Inc.
Farshad Shirvani, President & CEO
Phone: (604) 689-9523
Email: [email protected]
Forward-Looking Statements
Information set forth in this news release contains forward -looking statements that are based on
assumptions as of the date of this news release. These statements reflect management’s current
estimates, beliefs, intentions and expectations. They are not gu arantees of future performance. The
Company cautions that all forward looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many of which are beyond the
Company’s control. Such factors incl ude, among other things: risks and uncertainties relating to the
Company’s limited operating history and the need to comply with environmental and governmental
regulations. Accordingly, actual and future events, conditions and results may differ materially from the
estimates, beliefs, intentions and expectations expressed or implied in the forward looking information.
Except as required under applicable securities legislation, the Company undertakes no obligation to
publicly update or revise forward-looking information.
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.