VAL-D'OR, QC, Oct. 26 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE) (the "Company") is pleased to announce that it has completed the second tranche of a non-brokered private placement for $257,200 bringing the total amount for both tranches to $920,150.
The Company issued a total of 6,134,334 units of the Corporation (the "Units") at a price of $0.15 per Unit for aggregate gross proceeds of $920,150. Each Unit consists of one common share and one common share purchase warrant. Each whole warrant entitles its holder to subscribe to one common share of the Corporation for $0.25 within 24 months following the date of issuance of the warrant. The placees are SIPAR Inc., a Montreal based investment management fund, and individual European and qualified Canadian investors. Finder's fees of $27,732 have or will be paid by the Corporation to Services Gunst SEC.
The offering is subject to the required approvals of the applicable regulatory authorities, including final approval of the TSX Venture Exchange. All securities issued in connection with the first tranche of the offering will be subject to a hold period of four months plus one (1) day until February 17, 2010. All securities issued in connection with the second tranche of the offering will be subject to a hold period of four months plus one (1) day until February 27, 2010. The proceeds from the private placement will be used for further exploration and development of Abitex's Epsilon and Lavoie Uranium-Gold projects in Quebec's Otish Mountains region and for general corporate purposes. An initial resource assessment is underway for the "L" deposit on the Lavoie property and assay results are pending for surface work on two very significant U-Au discoveries made by the Company on the Epsilon property.
ABITEX is an exploration and development company based in Val d'Or, Quebec, which is currently focused on acquiring and advancing uranium properties in Quebec, including the Lavoie and Epsilon properties in the Otish Mountains.
The Company's public documents may be accessed at www.sedar.com
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SOURCE ABE Resources Inc.
For further information: For further information: Yves J. Rougerie, President and CEO, (819) 874-6200, email@example.com