VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 15, 2017) - Abacus Mining & Exploration Corporation ("Abacus" or the "Company") (TSX VENTURE:AME) is pleased to announce a non-brokered private placement for proceeds of $1,000,000 through the issuance of 20,000,000 units ("Units") at a price of $0.05 per Unit. Each Unit will consist of one common share of the Company (a "Unit Share") and one-half of a non-transferable common share purchase warrant, with each full 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.
The financing is subject to TSX Venture Exchange (TSXV) approval. No finder's fees are payable on the financing, and all securities issued will be subject to a four month hold period under Canadian securities law.
Upon completion of the financing, the Company will have approximately $1.95 million in its treasury. Proceeds from the financing will be applied towards the Company's exploration commitments as set out in the previously announced Option Agreement for the Willow copper-gold property located in Nevada, and general working capital and corporate purposes.
Abacus also announces that it proposes to consolidate its common shares on a 6:1 basis. Including the Unit Shares to be issued pursuant to the Unit financing, and after giving effect to the proposed consolidation, Abacus will have 39,026,269 common shares issued and outstanding (fully diluted: 42,667,102 common shares). The share consolidation is subject to approval by the TSXV and by the shareholders of the Company by way of a special meeting expected to be held in the coming weeks.
About Abacus
Abacus is a mineral exploration and mine development company with a 20% interest in the Ajax Project located at the historic Ajax-Afton site southwest of Kamloops, B.C., and an option to acquire up to a 75% interest in the Willow copper-gold property located in Nevada. The Ajax Project is a proposed copper-gold open-pit mine currently undergoing a provincial and federal environmental assessment process. Through KGHM Ajax Mining Inc., a joint venture company between Abacus (20%) and KGHM Polska Miedz S.A. (KGHM) (80%), the Ajax Mine is being funded in large part by KGHM and operated by its wholly-owned subsidiary, KGHM International Ltd. For the latest reports and information on Abacus' projects, please refer to the Company's website at www.amemining.com.
