Aben Resources Closes $720,000 Private Placement
March 28, 2014 (Source: Marketwired) — Aben Resources Ltd. (TSX VENTURE:ABN) (PINKSHEETS:ABNAF) (FRANKFURT:E2L) (the “Company”) is pleased to announce that it has closed its non-brokered private placement in two tranches raising total gross proceeds of $720,000.
The Company issued 9,900,000 units (the “Units”) at a price of $0.06 per Unit in the first tranche of its private placement. Each Unit consists of one common share in the capital of the Company and one common share purchase warrant (the “Warrants”). Each Warrant entitles the holder to purchase one common share (a “Warrant Share”) at a price of $0.075 per Warrant Share if exercised on or before March 24, 2016.
Aben Resources issued 2,100,000 Units at a price of $0.06 per Unit in the second tranche of its private placement. Each Unit consists of one common share in the capital of the Company and one Warrant. Each Warrant entitles the holder to purchase one common share at a price of $0.075 per Warrant Share if exercised on or before March 28, 2016.
Aben Resources intends to utilize the proceeds of the offering for general working capital purposes.
The Company issued 42,000 finder’s units to Wolverton Securities Ltd. (“Wolverton”). The Wolverton finder’s units are on the same terms as the subscribers’ Units. The Company also paid a total of $2,520 to Leede Financial Markets Inc. in connection with this financing.
The shares and warrants issued under the private placement and any shares issued pursuant to the exercise of the warrants, including those issued to finders, are subject to a four month and one day hold period under applicable securities laws and imposed by the TSX Venture Exchange.
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About Aben Resources:
Aben Resources is a Canadian uranium and gold exploration company with projects in Saskatchewan’s Athabasca Basin, Yukon, and NWT. Aben holds an interest in approximately 40,000 acres of highly prospective ground within the eastern flank of the Athabasca Basin in northern Saskatchewan including a 40% interest in the Mann Lake uranium project located 25 kilometres to the SSW of the McArthur River Uranium Mine.
Athabasca Basin, Saskatchewan Property Claims Map:
For further information on Aben Resources Ltd. (TSX VENTURE:ABN), visit our Company’s web site at www.abenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
JAMES G. PETTIT, President
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>