VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 8, 2017) - Abacus Mining & Exploration Corporation ("Abacus" or the "Company") (TSX VENTURE:AME) is pleased to report that the previously announced non-brokered private placement unit offering (the "Offering") has closed.
Pursuant to the Offering, the Company has issued 20,400,000 units ("Units") at a price of C$0.05 per Unit, for gross proceeds to the Company of $1,020,000. Each Unit consists of one common share and one-half of a non-transferable common share purchase warrant. Each full warrant will be exercisable to purchase one common share at a price of C$0.08 per common share for three years from the date of closing.
No finder's fees were payable on the financing, and all securities issued will be subject to a four month hold period under Canadian securities law. The financing is subject to TSX Venture Exchange (TSXV) approval.
Upon completion of the financing, the Company will have approximately $2 million in its treasury. Proceeds from the financing will be applied towards the Company's exploration commitments under the Option Agreement for the Willow copper-gold property located in Nevada, and general working capital and corporate purposes.
