Business
Abasca Resources Announces Engagement of High Grade Mining Consulting Ltd. and Non-Brokered Private Placement of up to $3.0 Million
SASKATOON, SK / ACCESS Newswire / February 13, 2026 / Abasca Resources Inc. ("Abasca" or the "...
About this update from Abasca Resources Inc.
[{"type":"text","content":"Abasca Resources Announces Engagement of High Grade Mining Consulting Ltd. and Non-Brokered Private Placement of up to $3.0 MillionSASKATOON, SK / ACCESS Newswire / February 13, 2026 / Abasca Resources Inc. (\"Abasca\" or the \"Company\") (TSXV:ABA) is pleased to announce the engagement of High Grade Mining Consulting Ltd., led by veteran mining engineer Gary Haywood, P.Eng., to provide strategic technical consulting for the advancement of the Company's 100%-owned Loki Flake Graphite Deposit (the \"Loki Deposit\") in northern Saskatchewan (see Figure 1). High Grade Mining Consulting Ltd. will assist with the preparation of the upcoming Preliminary Economic Assessment (PEA) for the Loki Deposit.Mr. Haywood brings decades of extensive experience in mine operations and project development, with a specific focus on Northern Saskatchewan. His previous roles include Vice President of Project Development at Fission Uranium Corp., where he played a key role in the development of the PLS project, and Vice President of Operations & COO at Golden Band Resources. Additionally, Mr. Haywood held senior engineering and operational roles with Cameco Corp. at the Eagle Point and McArthur River mines.\"We are delighted to bring Gary Haywood and High Grade Mining Consulting on board at this pivotal time for Abasca. Gary's deep expertise in mine planning and his track record of successfully advancing projects in northern Saskatchewan make him an invaluable consultant to the Company. His guidance will be instrumental as we de-risk the Loki Deposit and accelerate our path toward our production goals.\" Commented Dawn Zhou, President and CEO of Abasca.Non-Brokered Private PlacementThe Company is also announcing a non-brokered private placement (the \"Private Placement\") of up to $3.0 million. The Private Placement will be comprised of the sale of up to 12,000,000 common shares of the Company (the \"FT Shares\") at a price of $0.25 per FT Share. Each FT Share will be issued as a \"flow-through share\" (as defined in the Income Tax Act (Canada) (the \"Tax Act\")).The gross proceeds received from the Private Placement will be used for exploration activities on the Company's Loki Deposit.The gross proceeds from the issuance of the FT Shares are intended to be used to incur \"Canadian exploration expenses\" (as this term is defined in the Tax Act) tha...