On December 29, 2022, Abasca Resources Inc. ("Abasca") (TSXV: ABA) (formerly AMV Capital Corporation ("AMV")) closed the previously-announced asset purchase transaction with 101159623 Saskatchewan Ltd. ("SaskCo") resulting in the reverse takeover of AMV (the "Transaction"), along with a concurrent financing and name change.
Pursuant to the terms of the Transaction, Abasca acquired a 100% right, title and interest in and to the mineral claims that comprise the Key Lake South Uranium Project located in the southeastern Athabasca Basin Region in Saskatchewan for and in consideration of 25,639,288 common shares of Abasca. The Transaction constituted a "reverse takeover" pursuant to the policies of the TSX Venture Exchange.
In connection with closing of the Transaction, AMV changed its name to "Abasca Resources Inc." effective the same day.
Also in connection with the Transaction, Abasca completed a $2,898,900 non-brokered flow-through private placement of units of the company and 1379294 B.C. Ltd. ("FinCo"), a British Columbia company affiliated with SaskCo, completed a non-brokered financing consisting of the sale of subscription receipts to raise $846,062.10. At closing, the subscription receipts converted into units, and FinCo amalgamated with a subsidiary of AMV pursuant to a three-cornered amalgamation.
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