Vancouver, BC -- Aben Resources Ltd. (TSX-V: ABN) (FWB: E2L) (the "Company") is pleased to announce that it has closed its non-brokered private placements raising $4,888,000.
The Company issued 8,000,000 flow-through units ("FT Units") at a price of $0.25 per FT Unit. Each FT Unit consists of one flow-through common share and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one flow-through common share at a price of $0.55 per share if exercised on or before April 21, 2014.
Aben Resources issued 14,440,000 non flow-through units ("NFT Units") at a price of $0.20 per NFT Unit. The NFT Units consist of one non flow-through common share and one share purchase warrant. Each warrant entitles the holder to purchase one non flow-through common share at a price of $0.35 per share if exercised on or before April 21, 2014, subject to an accelerated expiry provision that provides that if, following the four month anniversary of closing, the closing price of the listed shares of the Company exceeds $0.50 for a period of 10 consecutive trading days, the Issuer may accelerate the expiry date of the warrants to 10 trading days after giving notice thereof.
The Company issued 616,000 finder's units to Global Resources Partners ("Global") The Global finders' units are on the same terms as the subscribers' NFT Units. The Company issued 245,000 finder's units to Sprott Asset Management LP ("Sprott"). The Sprott finders' units are on the same terms as the subscribers' FT Units, but are non flow-through. The Company also issued a total of 910,000 compensation B warrants to each of Global (616,000), Sprott (245,000) and Limited Market Dealer Inc. (49,000) which entitles the holder to purchase an additional common share of the Company at purchase price of $0.35 per until April 21, 2012. The Company also paid a total of $30,187.50 to finders in connection with its flow-through and non flow-through financing.
The shares and warrants issued under the private placement and any shares issued pursuant to the exercise of the warrants, including those issued to finders, are subject to a four month hold period under applicable securities laws and imposed by the TSX Venture Exchange expiring August 22, 2011.
Aben Resources Ltd. intends to utilize the proceeds of the flow-through offering to incur Canadian exploration expenditures on exploration of the Company's Yukon and NWT properties. Proceeds of the non-flow-through offering will be used to fund exploration of the Issuer's Yukon and NWT properties and for general working capital.
Aben's Yukon Property Claims Map:
About Aben Resources:
Aben Resources is a Canadian gold and silver exploration company developing properties in the Yukon and Northwest Territories. The Company is well funded with approximately $4.5 million in its treasury.
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company's web site at www.abenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
JAMES G. PETTIT
For further information contact myself or:
Aben Resources Ltd.
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 news release may contain certain "Forward-Looking Statements" that may involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.com.