Ms. Dawn Zhou reports

ABASCA RESOURCES CLOSES NON-BROKERED PRIVATE PLACEMENT OF $3.2 MILLION

Abasca Resources Inc. has closed the $3.2-million non-brokered private placement that comprised the sale of 20 million units of the company (the FT units) at a price of 16 cents per FT unit.

Each FT unit comprised one common share of the company issued as a flow-through share (as defined in Subsection 66(15) of the tax act) and one-half of one non-transferable non-flow-through common share purchase warrant of the company. Each full warrant will entitle the holder thereof to purchase one non-flow-through common share at an exercise price of 20 cents per warrant share for a period of 24 months expiring on Dec. 20, 2026.

All securities issued in connection with the offering have a four-month hold period expiring on April 21, 2025. In connection with the offering, the company paid to Red Cloud Securities Inc. finders' fees of $72,000 in cash and issued 450,000 warrants to Red Cloud in accordance with the policies of the exchange, with each finder's warrant having the same terms as the warrants.

The following members of Abasca's board of directors, namely Dave Billard, Brett Kagetsu and Sean Wang, each subscribed for 62,500 FT units. 9169601 Canada Inc., a corporation 100 per cent of the common shares (including joint ownership) and 100 per cent of the preferred shares are held by Dawn Zhou, president, chief executive officer and a director of the company, subscribed for 5,562,500 FT units. 101159623 Saskatchewan Ltd. (SaskCo), a corporation solely owned by Ms. Zhou, subscribed for 5.5 million FT units. Mr. Billard, Mr. Kagetsu, Mr. Wang and Ms. Zhou are each a related party to the company within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions of the Canadian Securities Administrators (MI 61-101) and the participation of Mr. Billard, Mr. Kagetsu, and Mr. Wang, 9169601 and SaskCo in the offering each constituted a related party transaction under MI 61-101. The company is exempt from the formal valuation requirement pursuant to Subsection 5.5(b) of MI 61-101 on the basis that the securities of the company are listed or quoted on the TSX Venture Exchange. The company is also exempt from the minority approval requirement pursuant to Subsection 5.7(1)(b) of MI 61-101 on the basis that: (i) the common shares are listed on the TSX-V; (ii) at the time the transaction was agreed to, neither the fair market value of the FT units distributed under the offering nor the consideration to be received for those FT units, insofar as the transaction involves the related parties, exceeds $2.5-million; (iii) the company has more than one independent director; and (iv) at least two-thirds of the independent directors of the company approved the offering.

The gross proceeds received from the FT units will be used for exploration activities on the company's Key Lake South uranium project (KLS).

About Abasca Resources Inc.

Abasca is a mineral exploration company that is primarily engaged in the acquisition and evaluation of mineral exploration properties. The company owns the Key Lake South project (KLS), a 100-per-cent-owned 23,977-hectare uranium exploration project. KLS is located in the Athabasca basin region in Northern Saskatchewan, approximately 15 kilometres south of the former Key Lake mine and current Key Lake mill. The project also hosts the Loki flake graphite zone.

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