|Abacus Mining & Exploration Corporation (the "Company") announces that the private placement to raise gross proceeds of $1,400,000 has closed. The Company has issued 4,000,000 units at a price of $0.35 per unit. Each unit consists of one common share and one-half common share purchase warrant. Each full common share warrant is exercisable into one common share at a price of $0.50 for a period of six months. Finder's fees of $41,037.50 and 90,000 shares were paid with respect to certain subscribers. Broker warrants of 222,500 were also issued and are exercisable at a price of $0.35 for a period of six months. The common shares and any shares issued pursuant to the exercise of the warrants will be subject to a four-month hold period expiring March 1st, 2004.
The proceeds from the private placement will be used for working capital and ongoing exploration at the Company's Afton area properties.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
Suite 615-800 West Pender Street
Vancouver, B.C. V6C 2V6 Canada
Tel: 604.682.0301 Fax: 604.682.0307
email: [email protected]
Contact: Doug Fulcher or Paddy Nicol
news release: 03-16
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