VAL-D'OR, QC, July 31, 2014 /CNW Telbec/ - ABE Resources Inc. (the "Corporation"; "ABE") (TSXV: ABE) announces that it has received $835,439 in refunds from the Québec government, repaid a $657,244 loan from Investissement Québec ("IQ") and completed the sale of its Jérémie property.
ABE received in July a total of $835,439 in reimbursement of Québec mining tax credits related to exploration funds expended in Québec between 2008 and 2011. The Corporation had applied for the credits in mid-2013. Following receipt of the funds, the Corporation reimbursed in full a secured loan, contracted earlier this year, of $657,244 to Investissement Québec. An irrevocable standby letter of credit of $65,725 related to the IQ loan was also cancelled and deposited in ABE's account. The Corporation has a current cash balance of over $600,000 and marketable securities valued at over $400,000.
The Corporation also announces the sale of its Jérémie property to Balmoral Resources Ltd ("BAR"). ABE has received 60,000 common shares of BAR in return for a 100% undivided interest in the 17 claim property located in the lac Grasset area of northwestern Québec. ABE also retains a 1% NSR royalty on the property. Balmoral will have the right, at any time, to purchase from ABE 50% of the NSR for $500,000 and shall have a right of first refusal on the sale or transfer of ABE's royalty interest.
About ABE Resources
ABE Resources is a Quebec mineral exploration company focused on the discovery and development of mineral deposits of economic potential in Québec. The company is currently exploring its Mazarin and Valrennes gold and/or base metal properties in the Abitibi region and completing a due diligence program for possible acquisition of a third party property. ABE currently has 11,510,944 common shares issued and outstanding.
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 press release contains "forward-looking information" which is subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking information.
SOURCE: ABE Resources Inc.
For further information: Yves J. Rougerie, President and CEO, Tel: (819) 874-6200, [email protected]