Vancouver, British Columbia--(Newsfile Corp. - September 12, 2018) - American Biofuels Inc. (TSXV: ABS.H)
announces that it has negotiated, subject to acceptance by the TSX Venture Exchange ("TSX-V"), a private placement for gross
proceeds of up to $1,450,000 (the "Financing"). Upon receipt of acceptance from the TSX-V to the Financing, the Company will issue
up to 5,800,000 common shares (the "Shares") at a price of $0.25 per Share.
Proceeds raised from the financing will be used toward general working capital purposes and looking for new business.
Debt Settlement
The Company further announces that it has negotiated a settlement with certain creditors (the "Debt Settlement") for outstanding
debts in the aggregate amount of Cdn$210,000 (the "Debt"), subject to acceptance by the TSX-V. In accordance with TSX-V Policies,
the Debt will be settled by the issuance of 840,000 common shares at a deemed price of Cdn$0.25 per share, and cash payments
totaling $639,948.24.
Four (4) Insiders (the "Related Parties") will directly and/or indirectly acquire an aggregate of 240,000 Shares from the Debt
Settlement, which will increase those Related Parties' pro rata shareholdings in the Company (the "Related Party Transaction"). All
of the independent directors of the Company, acting in good faith, have determined that the fair market value of the securities
being issued and the consideration paid is reasonable and is exempt from the formal valuation and minority shareholder approval
requirements of Multilateral Instrument 61-101.
On behalf of the Board of Directors
SIGNED : « Teresa Cherry »
Teresa Cherry, CFO
Contact: (604) 336-8617
For further information on ABS.H, please visit our website at www.transamericanenergy.com.
The Company's public documents may be accessed at www.sedar.com
The securities referred to in this news release have not been, nor will they be, registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.
This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any
securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed
information about the company and management, as well as financial statements.
Neither the 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.
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
