VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 8, 2017) - Abacus Mining & Exploration Corporation ("Abacus" or the "Company")
(TSX VENTURE:AME) is pleased to report that the previously announced non-brokered private placement unit offering (the
"Offering") has closed.
Pursuant to the Offering, the Company has issued 20,400,000 units ("Units") at a price of C$0.05 per Unit, for gross proceeds
to the Company of $1,020,000. Each Unit consists of one common share and one-half of a non-transferable common share purchase
warrant. Each full warrant will be exercisable to purchase one common share at a price of C$0.08 per common share for three years
from the date of closing.
No finder's fees were payable on the financing, and all securities issued will be subject to a four month hold period under
Canadian securities law. The financing is subject to TSX Venture Exchange (TSXV) approval.
Upon completion of the financing, the Company will have approximately $2 million in its treasury. Proceeds from the financing
will be applied towards the Company's exploration commitments under the Option Agreement for the Willow copper-gold property
located in Nevada, and general working capital and corporate purposes.
On Behalf of the Board, ABACUS MINING & EXPLORATION CORPORATION
Michael McInnis, Chairman, President & CEO
About Abacus
Abacus is a mineral exploration and mine development company with a 20% interest in the Ajax Project located at the historic
Ajax-Afton site southwest of Kamloops, B.C., and an option to acquire up to a 75% interest in the Willow copper-gold property
located in Nevada. The Ajax Project is a proposed copper-gold open-pit mine currently undergoing a provincial and federal
environmental assessment process. Through KGHM Ajax Mining Inc., a joint venture company between Abacus (20%) and KGHM Polska
Miedz S.A. (KGHM) (80%), the Ajax Mine is being funded in large part by KGHM and operated by its wholly-owned subsidiary, KGHM
International Ltd. For the latest reports and information on Abacus' projects, please refer to the Company's website at www.amemining.com.
Forward-Looking Information
This release includes certain statements that are deemed "forward-looking statements". All statements in this release,
other than statements of historical facts, that address events or developments that Abacus expects to occur, are forward-looking
statements. Forward- looking statements are statements that are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company
believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.
Factors that could cause the actual results to differ materially from those in forward-looking statements include changes to
commodity prices, mine and metallurgical recovery, operating and capital costs, foreign exchange rates, ability to obtain
required permits on a timely basis, exploitation and exploration successes, continued availability of capital and financing, and
general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ materially from those projected in the forward-looking statements.
Forward- looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the
statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these
forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should
change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.