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Aben Gold Corp. (TSX-V: ABM) (OTCID: ABNAF) (Frankfurt: ML1) ("Aben" or "the Company") announces that it has closed a non-brokered private placement financing for total gross proceeds of CAD $400,000 (the "Private Placement").
Aben has allotted and issued 5,000,000 units (the "Units") at a price of CAD $0.08 per Unit. Each Unit is comprised of one common share and one warrant (the "Warrants"). Each Warrant will entitle the holder to purchase one common share for a period of two (2) years at a price of CAD $0.12 per share.
Management and Board, as insiders of the Company, has subscribed for an aggregate 550,000 Units for gross proceeds of $44,000. The issuance of the Units to the insiders is considered a related party transaction subject to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the participation by the insiders will not exceed 25% of the fair market value of the Company's market capitalization.
The Company intends to use the proceeds from this private placement towards exploration expenditures and general working capital purposes. The Private Placement is subject to final TSX Venture Exchange approval, and all securities are subject to a four-month-and-one-day hold period. The Company has not paid any finder's fees in connection with the Private Placement.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Aben Gold:
Aben Gold Corp. is a Canadian gold exploration company with exploration projects in the Yukon Territory and British Columbia. The Company's flagship, the 7,400-hectare, 100% owned Justin Gold Project is located in the southeast Yukon in the Tintina Gold Belt adjacent to Seabridge Gold's 3 Aces Project.
The Company's goal is to increase shareholder value through new discoveries and developing exploration projects in geopolitically favourable jurisdictions.
The Company has 28.2 million shares outstanding.
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For further information on Aben Gold Corp. (TSX-V: ABM), visit our Company's website at www.abengold.com.
ABEN GOLD CORP.
"Riley Trimble"
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Riley Trimble
President & CEO
For further information contact:
Aben Gold Corp.
Riley Trimble, President & CEO
Telephone: 604-639-3852
Facsimile: 604-687-3119
Email: info@abengold.com
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.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements, including, estimated use of proceeds from the Private Placement, carrying out future exploration work, other statements relating to the technical, financial and business prospects of the Company, its projects, goals and other matters. Although management 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 or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, increase in costs, failure of counterparties to perform their contractual obligaitons, fluctuation of commodity prices, adverse weather or climate conditions, failure to obtain or maintain all necessary government permits, approvals and authorizations, failure to obtain or maintain community acceptance (including First Nations), and general economic, market or business conditions. Please see the public filings of the Company at www.sedarplus.ca for further information.
