Abasca Resources Closes Non-Brokered Private Placement of $3.65 Million
Summary
Each NFT Unit is comprised of one Common Share (a "Unit Share") and one-half of a Warrant.All securities issued in connection with the Offering have a four-month hold period expiring on October 28, 2024. No finders fees were paid with respect to the Offering.Brian McEwan, Abascas VP of Exploration, subscribed for 312,500 FT Units. Mr. McEwan and Ms. Zhou are each a "related party" to the Company within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions of the Canadian Securities Administrators ("MI 61-101") and the participation of Mr. McEwan and 9169601 in the Offering each constituted a "related party transaction" under MI 61-101. The Company is also exempt from the minority approval requirement pursuant to subsection 5.7(1)(b) of MI 61-101 on the basis that: (i) the common shares of the Company are listed on the TSX-V; (ii) at the time the transaction was agreed to, neither the fair market value of the FT Units distributed under the Offering nor the consideration to be received for those FT Units, insofar as the transaction involves the related parties, exceeds $2,500,000; (iii) the Company has more than one independent director; and (iv) at least two-thirds of the independent directors of the Company approved the Offering.The gross proceeds received from the FT Units will be used for exploration activities on the Companys Key Lake South Uranium Project (KLS), and the proceeds received from the NFT Units will be used for general corporate purposes.Abasca is a mineral exploration company that is primarily engaged in the acquisition and evaluation of mineral exploration properties. The Company owns the Key Lake South Uranium Project (KLS), a 23,977-hectare uranium exploration project located in the Athabasca Basin Region in northern Saskatchewan, approximately 15 km south of the former Key Lake mine and current Key Lake mill.On behalf of Abasca Resources Inc.For more information visit the Companys website at https://www.abasca.ca or contact: