Abacus completes non-brokered private placement
Vancouver, BC – November 23, 2018. 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 $487,200 through the issuance of 4,872,000 units of the Company (“Units”) at a price of $0.10 per Unit. Each Unit consists of one common share of the Company and one non-transferable common share purchase warrant (“Warrant”), with each Warrant exercisable to purchase one common share of the Company at a price of $0.20 per common share for a period of three years from the date of closing of the financing. Abacus paid a total of $4,529.00 in cash commissions and issued a total of 45,290 Warrants to finders. All securities issued will be subject to a statutory four month hold period expiring on March 24, 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.
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 Miedz 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. The Ajax project awaits a final decision from the Federal Cabinet on whether the project can proceed. On December 14, 2017, a decision was made by the B.C. Minister of Environment and Climate Change Strategy and 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.
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