Proceeds for Ajax copper-gold project located near Kamloops, B.C.
By Jennifer Chiou
New York, Feb. 15 - Abacus Mining & Exploration Corp. said it will raise up to C$2.5 million in a non-brokered private placement of units at C$0.22 each.
The units will consist of one common share and one half-share warrant.
Each whole warrant will be exercisable at C$0.32 for 12 months. The strike price is a 33.3% premium to the company's closing share price on Feb. 15.
Settlement is expected on March 2.
Proceeds will be used to advance the company's interest in the Ajax copper-gold project near Kamloops, B.C., a joint venture with global copper producer KGHM Polska Miedz SA as well as for general corporate and working capital purposes.
Based in Vancouver, B.C., Abacus is a mineral exploration company.
| Issuer: | Abacus Mining & Exploration Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2.5 million (maximum)
|
| Price: | C$0.22
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 12 months
|
| Warrant strike price: | C$0.32
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 15
|
| Settlement date: | March 2
|
| Stock price: | TSX Venture: AME
|
| Stock price: | C$0.24 at close Feb. 15
|
| Market capitalization: | C$46.35 million
|
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