Abacus Increases Financing to $175,000
Vancouver, BC – May 17, 2019. Abacus Mining & Exploration Corporation (“Abacus” or the “Company” (TSXV:AME) is pleased to announce that in response to investors’ requests, it has increased its non-brokered private placement financing to $175,000 from the initially targeted $150,000 as set out in the Company’s news release dated May 1, 2019.
The amended financing will be completed through the issuance of 3,500,000 units (“Units”) at a price of $0.05 per Unit. Each Unit will consist of one common share of the Company and one full non-transferable common share purchase 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 3 years from the date of closing of the financing.
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 Yerington copper camp contains several past producing porphyry and skarn deposits, including the Yerington Mine that produced approximately 1.6 billion pounds of copper for Anaconda between 1952 until 1978. Advanced projects in the camp include Ann Mason (M&I of 1.4BT at 0.32% Cu), owned by Mason Resources, Nevada Coppers’ Pumpkin Hollow (P&P of 572 MT at 0.4% Cu) which is in mine development, and Quaterra Resources’ MacArthur oxide project (M&I of 159MT at 0.212% Cu) which is in prefeasibility.
The Company also has a 20% carried interest in the advanced stage Ajax Cu-Au project in B.C.
The financing is subject to TSX Venture Exchange approval. In connection with the offering, certain finders may receive a cash fee and/or non-transferable finder warrants. All securities issued will be subject to a four month hold period under Canadian securities law.
The technical information in this news release has been reviewed and approved by Paul G. Anderson, M.Sc., P.Geo., a Qualified Person within the meaning of National Instrument 43-101.
On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION
Paul G. Anderson
President and COO
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 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.