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Abasca Resources Announces Non-Brokered Flow-Through Private Placement of up to $1.25 Million and Carries Out Summer Drill Program at the Key Lake South Uranium Project
SASKATOON, SASKATCHEWAN / ACCESSWIRE / July 13, 2023 / Saskatoon, Saskatchewan: Abasca Resources...
About this update from Abasca Resources Inc.
[{"type":"text","content":"Abasca Resources Announces Non-Brokered Flow-Through Private Placement of up to $1.25 Million and Carries Out Summer Drill Program at the Key Lake South Uranium ProjectSASKATOON, SASKATCHEWAN / ACCESSWIRE / July 13, 2023 / Saskatoon, Saskatchewan: Abasca Resources Inc. (\"Abasca\" or the \"Company\") (TSXV:ABA) is pleased to announce a non-brokered private placement of up to 5,000,000 flow-through units of the Company (the \"FT Units\") at a price of $0.25 per FT Unit for gross proceeds to the Company of up to $1,250,000 (the \"Offering\").Each FT Unit will consist of one common share of the Company to be issued as a \"flow-through share\" within the meaning of the Income Tax Act (Canada) (each, a \"FT Share\") and one half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant will entitle the holder thereof to purchase one common share (each, a \"Warrant Share\") at a price of $0.30 for a period of 24 months following the closing date of the Offering.The gross proceeds received from the sale of the FT Units will be used for exploration programs on the Company's Key Lake South Uranium Project (KLS).Finders' fees comprised of cash and non-transferable warrants in connection with the Offering will be paid, if applicable and subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued and sold under the Offering will be subject to a hold period expiring four months and one day from their date of issuance.The Company also announces that it initiated a summer drill program in June 2023 planned for approximately 5,000 metres at the KLS project, continuing initial follow-up on historic drilling at Hart, Campbell, and Twin target areas, Figure 1. The KLS uranium project is situated along the Mudjatik-Wollaston geologic domain boundary which hosts many of the top tier uranium deposits, such as McArthur River, Cigar Lake, and Eagle Point. It is located 15 km southwest along-strike of the past-producing Key Lake uranium deposits known as Key Lake uranium mine. The Key Lake uranium mill continues being in operation and currently processes uranium ores from the McArthur River uranium mine. The KLS project contains over 40 km of highly prospective EM conductors within three major lithostructural corridors. Located close to the current A...