Abasca Resources Inc. successfully closed a $3.2 million private placement, issuing 20 million flow-through units at $0.16 each. The offering included warrants exercisable for common shares at $0.20 for 24 months.
SASKATOON, SK / ACCESSWIRE / December 23, 2024 / Abasca Resources Inc. ('Abasca' or the'Company') ( TSXV:ABA ) is pleased to announce the closing of the $3.2 million non-brokered private placement (the'Offering') that comprised of the sale of 20,000,000 units of the Company (the'FT Units') at a price of $0.16 per FT Unit.
Each FT Unit is comprised of one common share of the Company (a'Common Share') issued as a'flow-through share' (as defined in subsection 66(15) of the Tax Act) (an'FT Share') and one-half of one non-transferable non-flow-through Common Share purchase warrant of the Company (each full warrant, a'Warrant'). Each full Warrant will entitle the holder thereof to purchase one non-flow-through Common Share (a'Warrant Share') at an exercise price of $0.20 per Warrant Share for a period of 24 months expiring on December 20, 2026. All securities issued in connection with the Offering have a four-month hold period expiring on April 21, 2025. In connection with the Offering, the Company paid to Red Cloud Securities Inc. ('Red Cloud') finder's fees of $72,000 in cash and issued 450,000 Warrants ('Finder's Warrants') to Red Cloud in accordance with the policies of the Exchange, with each Finder's Warrant having the same terms as the Warrants. The following members of Abasca's board of directors, namely Dave Billard, Brett Kagetsu and Sean Wang, each subscribed for 62,500 FT Units. 9169601 Canada Inc. ('9169601'), a corporation 100% of the common shares (including joint ownership) and 100% of the preferred shares are held by Dawn Zhou, President, CEO and a director of the Company, subscribed for 5,562,500 FT Units. 101159623 Saskatchewan Ltd. ('SaskCo'), a corporation solely owned by Dawn Zhou, subscribed for 5,500,000 FT Units. Messrs. Billard, Kagetsu and Wang and Ms. Zhou are each a'related party' to the Company within the meaning of Multilateral Instrument 61-101 -of the Canadian Securities Administrators ('MI 61-101') and the participation of Messrs
FINANCE PRIVATE PLACEMENT ABASCA RESOURCES TSXV:ABA FLOW-THROUGH SHARES WARRANTS
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