Click here to close now.

SYS-CON MEDIA Authors: Liz McMillan, VictorOps Blog, Lori MacVittie, Elizabeth White, Eva Belanyiova

News Feed Item

Aben Resources Announces Shares-for-Debt Settlement, Share Consolidation and Amendment to Articles

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/14/14 -- Aben Resources Ltd. (TSX VENTURE: ABN)(FRANKFURT: E2L)(PINKSHEETS: ABNAF) ("Aben" or the "Company") announces the following transactions:

Shares for Debt

The Company has entered into a shares-for-debt agreement with TerraLogic Exploration Inc. ("TerraLogic") (the "Agreement") to satisfy the remaining amount owing under a geological consultant services agreement between Aben and TerraLogic dated March 19, 2012 (the "Consultant Agreement"). Aben will pay CAD$50,000 in cash and issue 6,728,000 common shares in the capital of the Company, as constituted prior to the share consolidation referred to hereafter, to TerraLogic at a deemed price of $0.05 per share to satisfy the debt of CAD$386,400 owing under the Consultant Agreement. The Agreement is subject to approval from the TSX Venture Exchange (the "Exchange") and the common shares will be subject to a four (4) month hold period upon issuance.

Share Consolidation

The Company has convened an Annual and Special General Meeting to be held February 20, 2014 (the "Shareholders' Meeting"). At the Shareholders' Meeting, the shareholders will be asked to approve a consolidation of the Company's share capital on the basis of one post-consolidation share for each 10 pre-consolidation shares. The issued capital of the Company is currently 125,631,846 common shares, which will become 12,563,185 common shares, before adjustments for fractions and subject to the issuance of additional shares in the intervening period, after the consolidation. The purpose of the consolidation is to make the Company's securities more attractive to potential investors, and others who may have an interest in receiving shares in other transactions, by increasing the market price for the Company's post-consolidation shares above the minimum issue price thresholds established by the Exchange.

The proposed consolidation is subject to the approval of the Company's shareholders and the Exchange.

Amendment to Articles

The Exchange has recently amended its policy to provide that share consolidations may be effected by a resolution of a company's directors, without shareholder approval, for consolidations with a consolidation ratio of up to 10:1. The Company's articles currently require shareholder approval of all consolidations, regardless of the consolidation ratio. The Exchange's policy amendment enables a listed company to act quickly, efficiently and with minimal expense to consolidate its share capital in circumstances where capital is needed, but Exchange policy prevents the company from conducting a private placement at the current market price for its shares. The Company's management believes it to be in the best interests of the Company that the Company be able to avail itself of this policy amendment. Accordingly, it is proposed that the articles of the Company be amended to permit share consolidations to be effected by a resolution of the directors only. A resolution to this effect will be placed before the shareholders at the Shareholders' Meeting.

The amendment to the Company's articles is subject to the approval of the shareholders and the TSX Venture Exchange.

About Aben Resources:

Aben Resources Ltd. is a Canadian gold, silver and uranium exploration company developing properties in the Yukon, NWT, and Saskatchewan's Athabasca Basin.

For further information on Aben Resources Ltd. (TSX VENTURE: ABN), visit our Company's web site at www.abenresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"Jim Pettit"

JAMES G. PETTIT, President

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.

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management 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 or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises a...
"In our world there's a lot of cloud. Our focus is to help companies, who are bogged down by the enormousness of the cloud and infrastructure, to really go out there and monetize the cloud," explained Ian Khan, Global Strategic Positioning & Brand Manager at Solgenia, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust...
"We help companies that are using a lot of Software as a Service. We help companies manage and gain visibility into what people are using inside the company and decide to secure them or use standards to lock down or to embrace the adoption of SaaS inside the company," explained Scott Kriz, Co-founder and CEO of Bitium, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
"Desktop as a Service is emerging as a very big trend. One of the big influencers of this – for Esri – is that we have a large user base that uses virtualization and they are looking at Desktop as a Service right now," explained John Meza, Product Engineer at Esri, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
ThingsExpo New York is offering a limited time FREE "Expo Plus" registration option in New York. On site registration price of $1,95 will be set to 'free' for delegates who register during special offer. To take advantage of this opportunity, attendees can use the coupon code, and secure their registration to attend all keynotes, ThingsExpo sessions, expo floor, and SYS-CON.tv power panels. Special FREE registration givess access to all DevOps, Containers and Microservices sessions as well. Regi...
SYS-CON Events announced today that SUSE, a pioneer in open source software, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SUSE provides reliable, interoperable Linux, cloud infrastructure and storage solutions that give enterprises greater control and flexibility. More than 20 years of engineering excellence, exceptional service and an unrivaled partner ecosystem power the products and support that help ...
The only place to be Nov 3-5 is Cloud Expo | @ThingsExpo | DevOps Summit 2015 West at the Santa Clara Convention Center in Santa Clara, CA. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT, Big Data and DevOps companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...