Abasca Resources Initiates 2024 Summer Exploration at KLS Project, Announces $3.65 Million Private Placement

Abasca Resources Inc. (TSX V: ABA) has announced the start of its 2024 summer exploration at its Key Lake South Uranium Project (KLS) in northern Saskatchewan. The program aims to drill test for uranium mineralization and explore Flake Graphite potential in the Loki Zone.

Concurrently, Abasca is launching a non-brokered private placement to raise $3.65 million. The placement includes up to 21,875,000 FT Units at $0.16 per unit and 1,071,428 NFT Units at $0.14 per unit. Each unit comprises one common share and one-half of a purchase warrant, entitling the holder to buy additional shares at $0.20 each within two years.

Proceeds from FT Units will fund exploration at KLS, while NFT Unit funds will address general corporate needs. Finder's fees up to 6% may apply. Securities offered are subject to a four-month hold period.

Technical verification of the information provided by Brian McEwan, Vice-President of Exploration, emphasizes the reliability of the disclosed data. For additional details, interested parties can visit Abasca's website.