Abacus completes non-brokered private placement
Financings
| TSX Venture Exchange Symbol: AME | Suite 1000 – 1050 West Pender St Vancouver, B.C. V6E 3S7 Canada Tel: 604.682.0301 email: [email protected] website: www.amemining.com | |
| Abacus completes non-brokered private placement | ||
| Vancouver, BC – May 22, 2019. Abacus Mining & Exploration Corporation (“Abacus” or the | ||
| “Company”) (TSXV: AME) is pleased to announce the closing of the previously announced | ||
| non-brokered private placement for gross proceeds of $175,000 through the issuance of | ||
| 3,500,000 units ("Units") at a price of $0.05 per Unit. Each Unit consists of one common share | ||
| of the Company and one full non-transferable common share purchase warrant (“Warrant”), | ||
| with each Warrant exercisable to purchase one common share of the Company at a price of | ||
| $0.08 per common share for a period of three years from the date of closing of the financing. | ||
| The Company paid a total of $1,750 in cash commissions and issued a total of 35,000 Warrants | ||
| to finders. All securities issued are subject to a statutory four month hold period expiring | ||
| September 23, 2019, and the financing is subject to final TSX-Venture Exchange approval. | ||
| Proceeds from the financing will be applied towards the Company's exploration commitments | ||
| and for general working capital and corporate purposes. The Company holds options and | ||
| leases on the Willow and adjacent Nev-Lorraine copper-molybdenum properties in the | ||
| Yerington copper camp, southeast of Reno, Nevada. The properties are collectively known as | ||
| the Willow Project. The Company also has a 20% carried interest in the advanced stage Ajax | ||
| Cu-Au project in B.C. | ||
| On Behalf of the Board, | ||
| ABACUS MINING & EXPLORATION CORPORATION | ||
| Paul G. Anderson | ||
| President and COO | ||
| About Abacus | ||
| Abacus is a mineral exploration and mine development company currently focused on its optioned Willow copper- | ||
| gold property located near Yerington, Nevada in which it can acquire up to a 75% ownership interest, and the | ||
| contiguous Nev-Lorraine claims subject to a ten-year lease agreement. The properties are collectively known as | ||
| the Willow Project. The Company also holds a 20% ownership interest, together with KGHM Polska Meidz S.A. | ||
| (80%), in the proposed copper-gold Ajax Mine located southwest of Kamloops, B.C., which has recently undergone | ||
| a joint provincial and federal environmental assessment process. On December 14, 2017, a decision was made by | ||
| the B.C. Minister of Environment and Climate Change Strategy and the Minister of Energy, Mines and Petroleum | ||
| resources to decline to issue an environmental assessment certificate for the Project. For the latest reports and | ||
| information on Abacus’ projects, please refer to the Company’s website at www.amemining.com. | ||
| Forward-Looking Information | ||
| This release includes certain statements that are deemed “forward-looking statements”. All statements in this release, other than statements of | ||
| historical facts, that address events or developments that Abacus expects to occur, are forward-looking statements. Forward- looking statements are | ||
| statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, | ||
| “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the | ||
| Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not | ||
| guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the | ||
| actual results to differ materially from those in forward-looking statements include changes to commodity prices, mine and metallurgical recovery, | ||
| operating and capital costs, foreign exchange rates, ability to obtain required permits on a timely basis, exploitation and exploration successes, | ||
| continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements | ||
| are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking | ||
| statements. Forward- looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements | ||
| are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in | ||
| the event that management's beliefs, estimates or opinions, or other factors, should change. | ||
| Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the | ||
| TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. |