Abitex announces first closings of private placement raising $6,346,500



    VAL-D'OR, QC, Aug. 1 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE)
(the "Company") is pleased to announce that it has completed the first
closings of the private placement for a total of $6,346,500.
    The Company is also pleased to update its previously announced proposed
acquisition of Central Uranium Corporation ("Central"). The Company has
proposed to acquire all the issued and outstanding common shares of Central in
exchange for common shares of the Company, on the condition that Central raise
a minimum of $5,000,000. Central has raised $4,846,500 on the Company's behalf
as of this closing and will surpass the minimum required amount at the time of
an upcoming second closing. These amounts are held in escrow until the closing
of the proposed transaction. It is anticipated that the transaction will close
in August, 2008.
    Pursuant to the terms of the letter of intent with Central, the private
placement consisted of a brokered private placement of 2,727,500 Subscription
Receipts issued at $0.60 ("FT Subscription Receipts") for gross proceeds of
$1,636,500, and a non-brokered private placement of 5,836,364 Subscription
Receipts issued at $0.55 ("Subscription Receipts") for gross proceeds of
$3,210,000. Desjardins Securities acted as agent for the brokered private
placement and was paid an 8% commission.
    Upon closing of the acquisition of Central, the FT Subscription Receipts
and Subscription Receipts will be automatically converted, without additional
consideration, into flow-through units ("FT Unit") and units ("Unit") of the
Company, respectively. Each FT Unit will consist of one flow-through common
share and one-half common share purchase warrant. Each Unit will consist of
one common share and one common share purchase warrant. Each whole share
purchase warrant entitles its holder to subscribe to one non flow-through
common share of the Company for $0.80 for a period of 18 months following
closing.
    The Company also closed a non-brokered private placement of 2,500,000 FT
Units for gross proceeds of $1,500,000 under the same terms outlined above.
The subscribers of this segment are three (3) flow-through limited
partnerships of the MineralFields Group. In connection with this segment of
the private placement, Limited Market Dealer Inc. received a cash commission
equal to 8% of the gross proceeds raised.
    The Company expects to close the final portions of the private placement
offering in the coming weeks. The proceeds of the offering will be used for
exploration activities, further property acquisitions, and general working
capital purposes.
    "We are delighted with investor interest in the Company's projects and a
successful first close despite a challenging time in the capital markets. The
Company is now well-positioned with over $8 million in cash to advance the
work programs on its priority projects in Quebec", said Yves J. Rougerie,
President and CEO of the Company.
    A commission of up to 8% of the gross proceeds raised was paid in cash to
third parties involved in the offering. The offering is subject to regulatory
approval. All securities issued in connection with the offering will be
subject to a hold period of four months plus one day.

    About Abitex

    Abitex Resources Inc. is an exploration company based in Val d'Or, Quebec
which has a diverse portfolio of exploration projects in Eastern Canada, two
of which have historical gold and nickel resources. The Company is in the
process of refocusing its exploration activities towards uranium through its
proposed acquisition of Central Uranium Corporation and a letter of agreement
with AREVA NC and SOQUEM Inc. to acquire a 50% interest in the "L" uranium
deposit in Quebec which hosts a significant historical uranium resource.

    MineralFields Group (a division of Pathway Asset Management) is a
Toronto-based mining fund with significant assets under administration that
offers its tax-advantaged super flow-through limited partnerships to investors
throughout Canada during most of the calendar year, as well as hard-dollar
resource limited partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution of
structured products and mutual funds. Information about MineralFields Group is
available at www.mineralfields.com. First Canadian Securities(R), a division
of Limited Market Dealer Inc., is active in leading resource financings (both
flow-through and hard dollar PIPE financings) on competitive, effective and
service-friendly terms, with investors both within, and outside of
MineralFields Group.

    On behalf of the Board of Directors:

    Yves J. Rougerie, President & CEO and Director

    The Company's public documents may be accessed at www.sedar.com

    For further information on the Company, please visit our website at
www.abitex.ca or email us at info@abitex.ca

    -------------------------------------------------------------------------
    The TSX Venture Exchange (TSX-V) does not accept responsibility for the
adequacy or accuracy of this release. This news release may contain
forward-looking statements reflecting the Company's objectives, estimates,
expectations and the impact of acquisitions on the Company's financial
performance. By their very nature, these types of statements involve risks and
uncertainty. Consequently, reality may differ materially from the Company's
projections or expectations.




For further information:

For further information: Yves J. Rougerie, (819) 824-6678,
yrougerie@abitex.ca


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890