Aben Minerals Announces Approval of Non-Brokered Private Placement Financing

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Vancouver, BC, May 19, 2023 (GLOBE NEWSWIRE) -- Aben Minerals Ltd. (TSX-V: ABM) (OTCQB: ABNAF) (Frankfurt: R26) (“Aben” or “the Company”) is pleased to announce that, further to its news release issued April 18, 2023 it has received TSX Venture Exchange conditional approval for a non-brokered private placement financing for total gross proceeds of $500,000.00 (the “Private Placement”). The Company is proposing to issue 5,000,000 units (the “Units”) at a price of CAD $0.10 per Unit.

Each Unit is comprised of one common share and one transferable warrant, entitling the holder to purchase one additional common share for a period of four (4) years at a price of CAD $0.15 per share. The Company expects to close the financing shortly as the financing has been fully subscribed for.

In addition, the Company will pay finder's fees of $1,050.00 and issue 10,500 finder's warrants to an arm's-length party, with each finder’s warrant entitling the holder to purchase one common share for a period of four (4) years at a price of CAD $0.15.

The Company intends to use the proceeds from this private placement towards exploration expenditures and general working capital purposes.

The private placement is subject to final TSX Venture Exchange approval, and all securities will be subject to a four-month-and-one-day hold period from closing. The Company also reported that insiders of the Company had subscribed for a total of 750,000 units of the offering.

About Aben Minerals Projects:

Justin Gold Project

The 7,400-hectare Justin Gold property is 100% owned by Aben Minerals Ltd and has had 27 diamond and 20 Rotary Air Blast (RAB) drill holes completed since 2011. Drilling has shown that precious metal mineralization at Justin is part of an Intrusion Related Gold System (IRGS) featuring multiple mineralization styles including sheeted vein arrays, vein breccias, stockwork veining, fault-controlled mineralization and skarn-hosted gold horizons. Drilling in 2011 and 2012 at the POW Zone successfully discovered intrusion-related gold mineralization with intercepts reported ranging from trace values to highs of 1.19 g/t Au over 60.0m (including 2.47 g/t Au over 21.0m) and 1.49 g/t Au over 46.4m. Additionally, in 2018, trenching at the Lost Ace Zone returned values ranging from trace to 20.8 g/t gold over 4.4m including 88.2 g/t gold (Au) over 1.0m.