07:05 AM EDT, 06/28/2024 (MT Newswires) -- Dawn Zhou, the president and chief executive of Abasca Resources (ABA.V), said on Friday that a company she owns bought 15.2 million Abasca units at $0.16 apiece for a total price of about $2.4 million.

The Zhou-controlled company, 9169601 Canada, bought the shares as part of a non-brokered private placement. Each unit is comprised of one flow-through common share of Abasca and one-half of one common share purchase warrant. Each unit warrant allows the holder to buy one non-flow-through common share at $0.20 apiece for 24 months.

Before the closing of the private placement, Zhou, the sole owner of 9169601 Canada, controlled about 69% of Abasca on a partially diluted basis. The stake rose to 71% after the private placement.