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ABE Resources Completes Acquisition of Pioneer Resources, 2:1 Share Consolidation, $2.25-Million Private Placement and Debt Settlement
ABE Resources Completes Acquisition of Pioneer Resources, 2:1 Share Consolidation, $2.25-M...
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[{"type":"text","content":"\n\n\n\nABE Resources Completes Acquisition of Pioneer Resources, 2:1 Share Consolidation, $2.25-Million Private Placement and Debt Settlement\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\n\nCanada NewsWire\nVAL-D'OR, QC, May 12, 2017\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, May 12, 2017 /CNW Telbec/ - ABE Resources Inc. (TSXV: ABE) (the \"Company\" or \"ABE\") is pleased to announce the closing of its acquisition (the \"Acquisition\") of all of the issued and outstanding shares of Pioneer Resources Inc. (\"Pioneer\"), a related debt settlement transaction (the \"Debt Settlement\"), and a non-brokered private placement of 45,000,000 units of ABE (the \"Units\") at a price of $0.05 per Unit for aggregate gross proceeds of $2,250,000 (the \"Private Placement\"). In connection with the Private Placement, the Company also completed a 2:1 consolidation of its issued and outstanding securities (the \"Consolidation\"). Effective as of the opening of markets on May 12, 2017, the issued and outstanding common shares of ABE will commence trading on the TSX Venture Exchange (the \"Exchange\") on the basis of one post-Consolidation common share (a \"Share\") for every two pre-Consolidation common shares held.\n\nAcquisition\n\nPursuant to the terms and conditions of a share exchange agreement entered into between ABE, Pioneer, and the shareholders of Pioneer, dated May 11, 2017, an aggregate of 5,500,000 Shares were issued to the Pioneer shareholders, 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 (the \"Pioneer Shares\").\n\nDebt Settlement\n\nIn connection with the Acquisition, the Company issued an additional 2,918,080 Shares at a deemed price of $0.05 per Share to settle $145,904 in outstanding indebtedness of Pioneer owed to certain current officers, directors, and shareholders...