VAL-D'OR, QC, April 1, 2014 /CNW Telbec/ - ABE Resources Inc. (the "Company") (TSXV: ABE) is pleased to announce that it has completed a non-brokered private placement for a total of $100,000.
The Company issued a total of 2,000,000 units of the Corporation (the "Units") at a price of $0.05 per Unit for aggregate gross proceeds of $100,000. Each Unit consists of one common share and one Warrant. Each Warrant entitles its holder to subscribe to one common share of the Corporation at an exercise price of $0.10 per common share within 48 months following the date of issuance of the Warrant. No commissions or finder's fees were paid in relation to this private placement.
The offering is subject to compliance with applicable securities legislation and the approval of the TSX Venture Exchange. All securities issued in connection with the offering will be subject to a hold period of four months plus one (1) day, expiring August 1, 2014. The securities have not been nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold in the United States or to an account for the benefit of U.S. persons, absent such registration or an exemption from registration. The proceeds from the private placement will be used for working capital and for general corporate purposes.
The Company also wishes to announce a grant of 590,000 incentive stock options to certain directors, officers, consultants and employees of ABE. Each option is exercisable into one common share of ABE at a price of $0.10 for a period of 5 years from grant. The date of grant of the options is March 31, 2014. Common shares issued pursuant to the exercise of the options are subject to a four (4) month plus one (1) day hold period until August 1, 2014.
The Company also announces that it will re-price and extend 352,000 incentive stock options issued to directors, officers, employees and consultants of the Company. The options were originally granted between December 2009 and July 2011 with exercise prices ranging from $1.00 to $1.50. The new exercise price for these options will be $0.10 per share and all the expiry dates for these options will be extended to August 30, 2016. The re-pricing of the options is subject to the approval of the TSX Venture Exchange and no options may be exercised at the new price until such approval is obtained. In addition, as required by TSX Venture Exchange policies, the re-pricing of any options held by insiders (directors and officers) is subject to disinterested shareholder approval within 12 months of the date of re-pricing.
About ABE Resources
ABE Resources is a Quebec exploration company focused on the discovery and development of mineral deposits of economic potential in Québec. ABE currently has 11,510,944 common shares issued and outstanding (including those issued under the offering).
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.
SOURCE: ABE Resources Inc.
For further information: Yves J. Rougerie, President and CEO, Tel: (819) 874-6200 ext 222, email@example.com