ABE Resources Increases its Private Placement

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VAL-D'OR, QC, April 24, 2017 /CNW Telbec/ - ABE Resources Inc. (TSXV: ABE) (the "Company" or "ABE") is pleased to announce that it is increasing the maximum size of its non-brokered private placement (the "Private Placement") from $2,000,000 to $2,250,000. The Private Placement is being completed in connection with a 2:1 consolidation of the Company's issued and outstanding securities (the "Consolidation"), its proposed arm's length acquisition (the "Acquisition") of Pioneer Resources Inc. ("Pioneer"), and a series of shares for debt transactions to settle $145,904 in outstanding indebtedness of Pioneer owed to certain current officers, directors, and shareholders of Pioneer (the "Debt Settlement"), as previously announced on November 15, 2016 and April 21, 2017.

The Private Placement now consists of an offering of a minimum of 30,000,000 post-Consolidation units of ABE (each, a "Unit") and a maximum of 45,000,000 Units at a price of $0.05 per Unit for minimum gross proceeds of $1,500,000 (the "Minimum Offering") and maximum gross proceeds of $2,250,000.

Each Unit will consist of one post-Consolidation Share and one post-Consolidation common share purchase warrant (a "Warrant"), with each Warrant entitling the holder thereof to acquire one post-Consolidation Share at an exercise price of $0.15 per Share for a period of 24 months.

The proceeds of the Private Placement will be used to complete the transactions described in this news release (collectively, the "Transactions") and to carry out exploration work on Pioneer's mining properties located near the town of Ste-Anne-des Monts, in the province of Quebec, known as the Dôme Lemieux property.

In connection with the Private Placement, the Company has agreed to pay a finder's fee in respect of those purchasers introduced to the Company by Echelon Wealth Partners Inc. (the "Finder"). The Finder will receive a cash payment equal to 6% of the gross proceeds received from purchasers under the Offering who were introduced to the Company by the Finder.

The closing of the Acquisition remains subject to completion of the Consolidation, the Minimum Offering, and the Debt Settlement and each of the Transactions remain subject to the final approval of the TSX Venture Exchange.

About ABE Resources Inc.

ABE Resources Inc. is a Quebec mineral exploration company focused on the discovery and development of mineral deposits of economic potential primarily in the province of Quebec. For further information on the Company, please visit our website at www.aberesources.ca or contact us at [email protected].

About Pioneer Resources Inc.

Pioneer is a privately held mineral exploration company with an experienced mineral exploration management team that holds a 100% undivided interest in the Dôme Lemieux property located in Gaspé, Quebec. The property hosted three past producing mines (lead, copper, zinc) and several showings, is accessible by road year-round, and has historical drilling totalling approximately 66,000 m.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the ability of ABE to obtain all required approvals and consents and to complete the Transactions; the terms and conditions of the proposed Transactions; use of funds from the Private Placement; and the business and operations of ABE upon completion of the proposed Transactions. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; and the ability of ABE to execute and achieve its business objectives. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. ABE disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE ABE Resources Inc.

regarding the Transactions, please contact: ABE Resources Inc., Yves Rougerie, President and Chief Executive Officer, Tel: [phone], Email: [email protected]