Vancouver, BC – Aben Minerals Ltd. (TSX-V: ABM) (OTCQB: ABNAF) (Frankfurt: R26) (“Aben” or “the Company”) is pleased to announce that it has closed a non-brokered private placement financing for total gross proceeds of $300,000 (the “Private Placement”).
The Company issued 300 unsecured convertible debentures (the “Debentures”) at a price of $1,000 per Debenture. The Debentures bear a two-year maturity date with interest at a rate of 12.00% per annum, paid monthly in advance, payable in cash on the 1st of each month.
Commencing one day after the closing until the close of business on the sixth day prior to the maturity date, the Debenture holders shall have the right to convert the Debentures into units (the “Units”) at a price of $.10 per Unit. Each Unit will consist of one common share in the capital of the Company (a “Share”) and one transferable Share purchase warrant (a “Warrant”), with each Warrant being exercisable into one Share (a “Warrant Share”) at a price of $0.15 per Warrant Share for a period of three years following the issue date.
The Company intends to use the proceeds from the Private Placement towards general working capital purposes. The Private Placement is subject to final TSX Venture Exchange approval, and the Debentures are subject to a four-month-and-one-day hold period.
About Aben Minerals:
Aben Minerals is a Canadian gold exploration company with exploration projects in the Yukon Territory and British Columbia. The Company’s goal is to increase shareholder value through new discoveries and developing exploration projects in geopolitically favourable jurisdictions. The Company has 18.7 million shares outstanding.
ABEN MINERALS LTD.
President & CEO
For further information contact:
Aben Minerals Ltd.
Riley Trimble, President & CEO
Toll Free: 800-567-8181
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.