Aben Resources Announces Share Consolidation
Vancouver, BC – Aben Resources Ltd. (TSX-V: ABN) (OTCBB: ABNAF) (Frankfurt: E2L1) (the “Company”) advises that the Company will be filing for and seeking approval of a consolidation of the Company’s issued and outstanding share capital with the TSX Venture Exchange. The intended consolidation will be on a basis of one post-consolidation common share for every six pre-consolidation common shares. This consolidation will reduce the issued and outstanding shares of the Company from 26,963,790 to approximately 4,493,965 shares, assuming no other change in the issued capital.
The Company’s outstanding options and warrants will also be adjusted on the same basis (6 for 1) as the common shares, with proportionate adjustments being made to exercise prices.
Fractional common shares will not be issued, and no cash will be paid in lieu of fractional post-consolidation common shares. The number of post-consolidation common shares to be received by a shareholder will be rounded down to the nearest whole common share.
The Board of Directors believes that the proposed share consolidation will better position the Company to raise the funds it requires to finance continuing business activities and to advance its mineral projects.
The Company’s articles of incorporation authorize the board of directors to approve certain changes to the Company’s capital structure, including the consolidation. As such, shareholder approval is not required.
The consolidation is subject to approval by the TSX Venture Exchange. The Company does not intend to change its name or its current trading symbol in connection with the proposed share consolidation.
The effective date of the consolidation will be disclosed in a subsequent news release.
About Aben Resources:
Aben Resources is a Canadian uranium and gold exploration company with projects in Saskatchewan’s Athabasca Basin, the Yukon and NWT.
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com.
ABEN RESOURCES LTD.
JAMES G. PETTIT
For further information contact myself or:
Aben Resources Ltd.
Toll Free: 800-567-8181
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.