Abasca Resources Closes Non-Brokered Private Placement of $3.65 Million

Abasca Resources Inc. ("Abasca") has announced the closing of a $3.65 million non-brokered private placement. The Offering involved the sale of 21,875,000 FT Units at $0.16 per unit and 1,071,428 NFT Units at $0.14 per unit.

Each FT Unit consists of one common share issued as a "flow-through share" and one-half of a warrant. These warrants allow the holder to purchase one common share at $0.20 per share for 24 months, expiring on June 27, 2026. NFT Units include one common share and one-half of a warrant.

All issued securities are subject to a four-month hold period, expiring on October 28, 2024. No finders' fees were paid for this Offering. Notably, VP of Exploration Brian McEwan subscribed for 312,500 FT Units, and 9169601 Canada Inc., held by Dawn Zhou, subscribed for 15,168,750 FT Units.

Proceeds from FT Units will fund exploration at the Key Lake South Uranium Project, while NFT Unit proceeds will support general corporate purposes.