Athabasca Minerals Closes Final Tranche of Private Placement of Units
November 21, 2018 EDMONTON, ALBERTA. Athabasca Minerals Inc. ("Athabasca" or the "Corporation") (TSX Venture: ABM) is pleased to announce that it has closed, subject to final TSX Venture Exchange acceptance, the second and final tranche of its non-brokered private placement ("Financing") of units ("Units") at a price of $0.20 per Unit, for gross proceeds for this final tranche of $130,000. Each Unit consists of one common share ("Common Share") and one-half of one Common Share purchase warrant ("Warrant"), with each Warrant entitling the holder to purchase one additional Common Share at an exercise price of $0.35 per share for a period of two years after the closing. Pursuant to all tranches of the Financing, the Corporation received total gross proceeds of $1,150,000. No commission, brokers fees or finders' fees will be paid in conjunction with the closing of the Financing.
Proceeds from the Financing will be used to advance business development associated with the Corporation's subsidiary, AMI Silica Inc., including engineering for the Firebag frac sand project, identifying additional premium domestic silica sand resources in Western Canada, hiring project and sales personnel, and for general corporate purposes. All securities issued in connection with this tranche of the Financing are subject to a hold period that expires on March 22, 2019.
About Athabasca Minerals
The Corporation is an integrated aggregates company involved in resource development, aggregates marketing and midstream supply-logistics solutions. Business activities include aggregate production, pit management services, sales from corporate-owned and third-party pits, acquisitions of sand and gravel operations, and new venture development. The Corporation also has industrial mineral land exploration licenses that are strategically positioned for future development in industrial regions of high potential demand.
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