Abasca Resources Announces Appointment of John Shmyr as Vice President, Engagement and Communications and Closing of $3.0 Million Private Placement

Executive Summary

• Abasca Resources Inc. closed a non‑brokered $3.0 million flow‑through private placement, issuing 12 million common shares at $0.25 each.
• The gross proceeds will fund ongoing exploration and development of the Loki Flake Graphite Deposit, including preparation of a Preliminary Economic Assessment (PEA) and continuation of the winter drilling program at the Key Lake South Project.
• The company appointed John Shmyr as Vice President, Engagement and Communications to lead community engagement, permitting strategy, and communications for the Loki Deposit development.

Key Details

• Private Placement Structure: 12,000,000 flow‑through common shares issued at $0.25 per share; total gross proceeds of $3.0 million.
• Related Party Participation: Insiders (directors/officers) and entities owned by CEO Dawn Zhou subscribed to a combined 7,180,000 FT Shares (~59.8% of the offering).
• Exemptions Relied Upon: MI 61‑101 valuation exemption (shares listed on TSX‑V) and minority‑approval exemption (fair market value < $2.5 M, independent director approvals).
• Use of Proceeds: Fund exploration and development at Loki Deposit, prepare PEA, continue winter drilling at Key Lake South Project.
• Appointment Details: John Shmyr, former VP Exploration for a TSX‑V listed Saskatchewan VMS explorer, joins as Vice President, Engagement and Communications; will oversee stakeholder engagement, environmental permitting, and communications.
• Qualified Person: Brian McEwan, P.Geo., VP of Exploration and Development, reviewed technical information per NI 43‑101.

Notable Quotes

“We are delighted to have John join Abasca at this critical juncture… ensuring strong relationships with local stakeholders and maintaining best practices and compliance of environmental stewardship are top priorities,” – Dawn Zhou, President & CEO.