Aben Resources Ltd. on Aug. 15 announced a private placement for up to C$4 million, half of which will be taken up by Eric Sprott, formerly chairman of precious metals-focused asset management group Sprott Inc.

In all, the company is issuing 13,333,333 units at 30 Canadian cents each. Each unit consists of one common share and one warrant, and each warrant is exercisable into a share at 45 cents for two years from the issue date.

Aben plans to use the proceeds to expand its 2018 exploration and drilling program at its Forrest Kerr gold project in British Columbia and for general working capital.