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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 aggregate gross proceeds of CAD $400,000 (the “Private Placement”).
Aben has allocated and issued 5,000,000 units (the “Units”) at a price of CAD $0.08 per unit. Each Unit consists of one common share and one warrant (the “Warrants”). Each Warrant entitles 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 the Board of Directors, as insiders of the Company, have subscribed to a total of 550,000 Units for gross proceeds of $44,000. The issuance of the Participations to insiders is considered a related party transaction covered by 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 set forth in sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that insider participation 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 for exploration expenditures and general working capital purposes. The Private Placement is subject to final approval of the TSX Venture Exchange, and all securities are subject to a holding period of four months and one day. The Company has not paid any finder’s fees in connection with the Private Placement.
This press release does not constitute an offer to sell or the solicitation of an offer to buy 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 “US securities law“) or any state securities laws and may not be offered or sold within the United States or to US Persons unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.
About Aben Goud:
Aben Gold Corp. is a Canadian gold exploration company with exploration projects in the Yukon Territory and British Columbia. The company’s flagship, 7,400-acre Justin Gold Project, which is 100% owned, is located in the southeastern 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 favorable jurisdictions.
The company has 28.2 million shares outstanding.
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For more information about Aben Gold Corp. (TSX-V: ABM), visit our company website at www.abengold.com.
ABEN GOLD CORP.
“Riley Trimble”
____________________________________
Riley Trimble
Chairman & CEO
For more information please contact:
Aben Gold Corp.
Riley Trimble, Chairman and CEO
Phone: 604-639-3852
Fax: 604-687-3119
E-mail: 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 press release contains certain statements that may be deemed “forward-looking statements.” All statements in this press release, other than statements of historical fact, that relate to events or developments that the Company’s management expects are forward-looking statements, including the estimated use of proceeds from the private placement, the conduct of future exploration work, other statements regarding the Company’s technical, financial and business prospects, its projects, objectives and other matters. Although management believes that 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 assumes 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, increases in costs, the inability of counterparties to meet their contractual obligations, commodity price fluctuations, adverse weather or climate conditions, the inability to obtain or maintain all necessary government permits, approvals and authorizations, the inability to obtain or maintain community acceptance (including First Nations) and general economic, market or business conditions. See the company’s public filings at www.sedarplus.ca for more information.
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