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Abacus Mining Completes Non-Brokered Private Placement
VANCOUVER, British Columbia, May 22, 2019 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV: AME) is pleased to anno
About this update from Abacus Mining & Exploration Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, May 22, 2019 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV: AME) is pleased to announce the closing of the previously announced non-brokered private placement for gross proceeds of $175,000 through the issuance of 3,500,000 units (\"Units\") at a price of $0.05 per Unit. Each Unit consists of one common share of the Company and one full non-transferable common share purchase warrant (“Warrant”), with each Warrant exercisable to purchase one common share of the Company at a price of $0.08 per common share for a period of three years from the date of closing of the financing. The Company paid a total of $1,750 in cash commissions and issued a total of 35,000 Warrants to finders. All securities issued are subject to a statutory four month hold period expiring September 23, 2019, and the financing is subject to final TSX-Venture Exchange approval. Proceeds from the financing will be applied towards the Company's exploration commitments and for general working capital and corporate purposes. The Company holds options and leases on the Willow and adjacent Nev-Lorraine copper-molybdenum properties in the Yerington copper camp, southeast of Reno, Nevada. The properties are collectively known as the Willow Project. The Company also has a 20% carried interest in the advanced stage Ajax Cu-Au project in B.C. On Behalf of the Board, ABACUS MINING & EXPLORATION CORPORATION Paul G. Anderson President and COO About Abacus Abacus is a mineral exploration and mine development company currently focused on its optioned 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. The properties are collectively known as the Willow Project. The Company also holds a 20% ownership interest, together with KGHM Polska Meidz S.A. (80%), in the proposed copper-gold Ajax Mine located southwest of Kamloops, B.C., which has recently 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 asses...