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Abasca Resources Announces Engagement of Environmental Baseline Study and Closing of the First Tranche of Its Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES...
About this update from Abasca Resources Inc.
[{"type":"text","content":"Abasca Resources Announces Engagement of Environmental Baseline Study and Closing of the First Tranche of Its Private PlacementNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES SASKATOON, SK / ACCESS Newswire / May 1, 2025 / Abasca Resources Inc. (\"Abasca\" or the \"Company\") (TSXV:ABA) is pleased to announce that the Company has engaged CanNorth Environmental Services to conduct environmental studies in 2025 at its 100%-owned Key Lake South Project (\"KLS\"). The purpose of the studies is to initiate data collection for components that require longer baseline datasets, specifically hydrology, water chemistry, and bathymetry to further advance the development of the Loki Flake Graphite Deposit (\"Loki Deposit\") and support an Environmental Impact Assessment.The Company also announces that it has closed the first tranche (the \"First Tranche\") of its non-brokered private placement (the \"Offering\") previously announced on April 22, 2025. Pursuant to the First Tranche, the Company has issued 1,785,515 non-flow-through units (the \"Units\") at a price of $0.14 per Unit to raise gross proceeds of $250,000.10. Each Unit is comprised of one common share of the Company (a \"Unit Share\") and each common share in the authorized share structure of the Company, a \"Common Share\") and one-half of a share purchase warrant (each whole warrant, a \"Warrant\"), with each Warrant entitling the holder thereof to purchase one additional Common Share (a \"Warrant Share\") at a price of $0.20 per Warrant Share for a period of two years. Each of the Unit Shares and Warrant Shares are subject to a four month hold period expiring on August 31, 2025. The gross proceeds from the sale of the Units will be used for general and administrative expenses and for working capital.Qualified PersonThe technical information in this news release has been reviewed and approved by Brian McEwan, P.Geo, a Qualified Person as set out in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. McEwan is the Vice-President of Exploration at Abasca.About Abasca Resources Inc.Abasca is a mineral exploration company that is primarily engaged in the acquisition and evaluation of mineral exploration properties. The Company owns the Key Lake South Project (KLS), a 23,977-hectare exploration project loca...