THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION TO THE UNITED STATES
TORONTO, July 31, 2020 (GLOBE NEWSWIRE) -- ABERDEEN INTERNATIONAL INC. (“Aberdeen” or the “Company”) (TSX: AAB) announces it has completed a fully-subscribed non-brokered private placement financing of 16,000,000 units of the Company (the “Units”) at a price of $0.05 per Unit for gross proceeds of $800,000 (the “Offering”). Each Unit consists of one common share of the Company (each a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”) entitling the holder to acquire a Common Share at a price of $0.07 for a period of two years from the date of issuance, subject to an acceleration provision whereby in the event that at any time after the expiry of the statutory hold period, the Common Shares trade at $0.20 or higher on the TSX Venture Exchange for a period of 30 consecutive days, the Company shall have the right to accelerate the expiry date of the Warrants to the date that is 30 days after the Company issues a news release announcing that it has elected to exercise the acceleration right.
The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes. The Common Shares, Warrants and common shares underlying the Warrants are subject to a four month and one day statutory hold period which expires on December 1, 2020. Closing of the Offering remains subject to receipt of all regulatory approvals, including the approval of the Toronto Stock Exchange.
ABOUT ABERDEEN INTERNATIONAL INC.
Aberdeen International is a global resource investment company and merchant bank focused on small capitalization companies in the mining and metals sector.
For additional information, please visit our website at www.aberdeeninternational.ca.
For further information, please contact:
Ryan Ptolemy
Chief Financial Officer
Aberdeen International Inc.
ryanp@fmfinancialgroup.com
+1 416-861-5882
Cautionary Notes
This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the future financial or operating performance of the Company, Aberdeen’s possible future trading and intentions, valuations of investments, the completion of the Offering, the use of proceeds of the Offering, proposed transactions and investments, investment philosophy and liabilities and commitments. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: financing not being available at desired prices; general business, economic, competitive, political and social uncertainties; and other general risks of the mining and investment industries. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.