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ABE Resources announces proposed acquisition of Pioneer Resources, concurrent private placement and share consolidation
ABE Resources announces proposed acquisition of Pioneer Resources, concurrent private plac...
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[{"type":"text","content":"\n\n\n\nABE Resources announces proposed acquisition of Pioneer Resources, concurrent private placement and share consolidation\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nABE Resources announces proposed acquisition of Pioneer Resources, concurrent private placement and share consolidation\nCanada NewsWire\nVAL-D'OR, QC, Nov. 15, 2016\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./\n\n\n\nVAL-D'OR, QC, Nov. 15, 2016 /CNW Telbec/ - ABE Resources Inc. (TSXV: ABE) (the \"Company\" or \"ABE\") is pleased to announce that it has entered into a binding letter of intent, dated November 14, 2016 (\"LOI\"), with Pioneer Resources Inc. (\"Pioneer\"),  an arm's length, private company incorporated under the laws of the province of Quebec, to acquire 100% of the issued and outstanding shares of Pioneer (the \"Acquisition\"). The principal assets of Pioneer are the approximately 158 map-designated claims totaling 5,529.98 ha known as the Dôme Lemieux Property (the \"Property\"), located near the town of Ste-Anne-des-Monts, in the province of Quebec.\n\nPursuant to the Acquisition, an aggregate of 5,500,000 post-Consolidation (as defined below) common shares in the share capital of ABE (each, a \"Share\"), will be issued to the shareholders of Pioneer, at a deemed price of $0.05 per Share, in exchange for all of the issued and outstanding common shares in the share capital of Pioneer.\n\nThe legal structure for the Acquisition will be confirmed after the parties have considered all applicable tax, securities law, and accounting efficiencies; however, it is currently contemplated that the Acquisition will be carried out by way of share exchange agreements to be entered into between the parties with each of the shareholders of Pioneer on or prior to November 30, 2016.\n\nConsolidation\n\nIn connection with and as a condition to the closing of the Acquisition, ABE will consolidate its is...