Abacus Mining Secures Funding for Growth Initiatives
Abacus Mining & Exploration Corporation Announces Financing
Abacus Mining & Exploration Corporation (TSXV: AME) has recently unveiled an exciting opportunity for investors through a non-brokered private placement. This initiative aims to generate up to $350,000 by issuing approximately 17.5 million units priced at $0.02 each. This strategic move not only reflects Abacus's confidence in its operations but also highlights its commitment to advancing its growth initiatives.
Details of the Private Placement
Each unit in this offering comprises one common share of Abacus, paired with a non-transferable common share purchase warrant. These warrants allow investors to purchase an additional common share at a price of $0.05, valid for three years from the closing date of the offering. This financing structure is designed to empower current and potential investors, enabling them to participate in Abacus's promising trajectory.
Utilization of Proceeds
The funds raised from this offering will primarily support exploration activities and provide essential working capital. This funding will enable Abacus to continue its critical exploration efforts and strengthen its position in the competitive mining landscape. The company is particularly focused on its copper-molybdenum properties, which are strategically located in resource-rich regions.
Recent Acquisitions and Projects
Recently, Abacus acquired the Willow copper-molybdenum property and holds a lease on the adjacent Nev-Lorraine property near Yerington, Nevada. Additionally, Abacus possesses a 20% interest in the advanced Ajax copper-gold development project located in British Columbia. This project, co-owned with KGHM Polska Mied? S.A., is positioned as a significant asset in Abacus's portfolio. Despite encountering regulatory challenges in the past, efforts have intensified to engage local First Nations and communities, aiming for potential resubmission of the environmental application.
Commitment to Community Engagement
Abacus recognizes the importance of community relations in advancing its projects. The reopening of KGHM's office in Kamloops signifies a renewed commitment to fostering strong partnerships with local stakeholders. By establishing meaningful dialogues, Abacus aims to navigate the complexities of the environmental assessment process and streamline the path forward for its projects.
Offering Details and Conditions
This financing initiative is subject to approval by the TSX Venture Exchange. Importantly, certain finders may receive a cash fee or non-transferable finder warrants as part of this offering. Furthermore, all securities issued will be subject to a mandatory four-month hold period in compliance with Canadian securities laws.
About Abacus Mining & Exploration Corporation
Abacus is a dedicated mineral exploration and mine development company with a focus on copper and gold. Besides its ownership interest in the Ajax Mine, Abacus's portfolio includes the 100% owned Willow copper-gold property and associated claims in Nevada. The company remains committed to sustainable mining practices and advancing its projects with transparency and community involvement.
Contact Information
For inquiries or further details, interested parties can reach out to the company directly. Paul G. Anderson, President and CEO, can be contacted at (604) 682-0301 or via email. More information and updates about Abacus's projects can be found on their website.
Frequently Asked Questions
What is the purpose of the financing announced by Abacus?
The financing aims to raise capital for exploration activities and general working capital.
How will the funds from the offering be divided?
The proceeds will support exploration efforts and ensure adequate working capital for ongoing operations.
What assets does Abacus have in its portfolio?
Abacus holds interests in the Ajax copper-gold project, Willow copper-molybdenum property, and additional claims in Nevada.
Who can participate in the private placement offering?
Existing shareholders of Abacus, along with other qualified investors, may participate in the offering under certain exemptions.
How does Abacus engage with the community regarding its projects?
Abacus prioritizes community relations and actively engages local stakeholders to facilitate project's progression and address concerns.
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