Abasca Resources Completes $2.25 Million Private Placement

Abasca Resources Inc. has successfully closed a non-brokered private placement, generating gross proceeds of $2.25 million. The company issued 9,000,000 flow-through common shares at $0.25 each. These funds will advance exploration, geometallurgical tests, and environmental data collection at the Loki Flake Graphite Deposit within the Key Lake South Project in Saskatchewan.

The updated Mineral Resource Estimate for the Loki Deposit shows indicated resources of 6.99 million tonnes at 8.27% Cg and inferred resources of 15.83 million tonnes at 6.93% Cg. The private placement involved insider participation, including firms linked to Dawn Zhou, Abasca's CEO. The transaction is exempt from certain regulatory requirements due to the nature of the listing and the financial parameters.

The issued shares have a hold period until January 30, 2027. More details are available on Abasca's website.