Vancouver, BC – May 16, 2023. Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV: AME) is pleased to announce the closing of its non-brokered private placement of units (the “Private Placement”), as announced on April 17, 2023 and April 21, 2023, pursuant to which the Company raised total gross proceed of $550,000, and issued 18,333,333 units (“Units”) at a price of $0.03 per Unit. Each Unit consists of one common share of the Company (a “Share”) and one-half of one common share purchase warrant (a “Warrant”), with each full Warrant exercisable to purchase one Share at a price of $0.05 per Share until May 16, 2026.
All securities issued in connection with the Private Placement are subject to a statutory four month hold period expiring September 17, 2023, and the Private Placement is subject to final acceptance by the TSX Venture Exchange (the “TSXV”). The Company also paid a total of $8,700 in cash commissions and issued a total of 35,000 Warrants to certain arm’s length finders in connection with the Private Placement.
The Private Placement was offered to existing shareholders of Abacus who were permitted to subscribe pursuant to British Columbia Instrument 45-534 – Exemption from Prospectus Requirements for Certain Trades to Existing Security Holders, as well as under other available prospectus exemptions.
Proceeds from the Offering will be applied towards exploration and for general working capital, and payment of US$82,500 in respect of a property payment to the owners of the Nev-Lorraine property.
The Company holds options and leases on the Willow and adjacent Nev-Lorraine copper-molybdenum properties near Yerington, Nevada, and a 20% interest carried to production in the advanced Ajax copper-gold development project in B.C. Investors are referred to the Company website for the latest news and project descriptions.
On Behalf of the Board, ABACUS MINING & EXPLORATION CORPORATION
Paul G. Anderson, P. Geo. President and CEO
Abacus is a mineral exploration and mine development company currently focused on copper and gold in B.C. and Nevada. The Company’s main asset is a 20% ownership interest, together with KGHM Polska Miedź S.A. (80%), in the proposed copper-gold Ajax Mine located southwest of Kamloops, B.C., which has 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. KGHM have recently reopened an office in Kamloops, B.C. to facilitate First Nation, community and governmental engagement in order to advance the project towards a potential resubmission of the environmental application.
Abacus also holds an option on the 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.
For the latest reports and information on Abacus’ projects, please refer to the Company’s website at www.amemining.com.
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.
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