Abasca Resources closes $2.25M private placement for graphite project

Abasca Resources Inc. (TSXV: ABA) has closed a non-brokered private placement, raising gross proceeds of $2,250,000 through the issuance of 9,000,000 flow-through common shares at $0.25 per share, according to a press release.

The company intends to use the proceeds to fund exploration activities at its Loki Flake Graphite Deposit, part of the 100%-owned Key Lake South Project in northern Saskatchewan. Planned activities include resource upgrading, geometallurgical testing, and data collection for environmental studies.

The Loki Deposit holds an updated pit-constrained Mineral Resource Estimate comprising an Indicated estimate of 6.99 million tonnes at 8.27% Cg and an Inferred estimate of 15.83 million tonnes at 6.93% Cg. These figures underpin a Preliminary Economic Assessment with an effective date of August 19, 2026.

The proceeds are intended to be designated as Canadian exploration expenses or Canadian development expenses under Canada's Income Tax Act, and may qualify as flow-through mining expenditures or flow-through critical mineral mining expenditures.

Three entities connected to Dawn Zhou, Director, President and CEO of Abasca, participated in the offering as related parties. 9169601 Canada Inc. subscribed for 1,250,000 shares, 101159623 Saskatchewan Ltd. subscribed for 550,000 shares, and Canada DBD Management Inc. subscribed for 450,000 shares. The company said it qualifies for exemptions from formal valuation and minority approval requirements under Multilateral Instrument 61-101.

All shares issued under the placement are subject to a hold period expiring January 30, 2027.

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