Abasca Resources Secures $3 Million for Exploration

Abasca Resources Inc. has announced a non-brokered private placement to raise up to $3 million. The funds will primarily aid the exploration at the Loki Flake Graphite Deposit, part of the Key Lake South Project in Saskatchewan. This initiative includes issuing 10,000,000 flow-through shares at $0.25 each and 2,500,000 non-flow-through shares at $0.20 each.

The proceeds from flow-through shares are designated for Canadian exploration or development expenses, according to the Income Tax Act of Canada. Meanwhile, funds from non-flow-through shares will cover general administrative costs. Securities from this placement have a hold period of four months and one day.

Insiders of Abasca, including directors, may participate, with the placement subject to TSX Venture Exchange approval. The exploration program not only covers the Loki Deposit but extends to the Thor Zone, aligning with the company's 2026 plans.