Abasca Resources Completes $3.2 Million Private Placement

Abasca Resources Inc., based in Saskatoon, has closed a non-brokered private placement worth $3.2 million, involving the sale of 20 million units at $0.16 each. Each unit comprises one common share and one-half of a non-transferable warrant, which allows holders to purchase a common share for $0.20 until December 2026.

The offering included participation from key company figures such as Dave Billard, Brett Kagetsu, Sean Wang, and Dawn Zhou, President and CEO, signifying related party transactions under Canadian securities rules. Abasca, however, met exemptions from formal valuation and minority approval requirements.

The capital will be directed toward exploration at the Key Lake South Uranium Project in Saskatchewan. The securities have a four-month holding period, expiring in April 2025, and Red Cloud Securities Inc. acted as a finder, receiving compensation and warrants.