VAL-D'OR, QC, Dec. 23 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE) (the "Company") is pleased to announce that it has completed a non-brokered private placement for a total of $500,000.
The Company issued a total of 1,875,000 flow through units of the Corporation (the "FT Units") at a price of $0.20 per FT Unit for aggregate gross proceeds of $375,000 and a total of 694,444 non flow through units of Corporation (the "Units") at a price of $0.18 per Unit for aggregate gross proceeds of $125,000. Each FT Unit consists of one common share and one half of a common share purchase warrant (each whole warrant a "Warrant"). Each non flow through Unit consists of one common share and one Warrant. Each Warrant entitles its holder to subscribe to one common share of the Corporation for $0.25 within 18 months following the date of issuance of the Warrant. Limited Market Dealer received a cash commission of $30,000.00 and finders warrants entitling it to acquire 48,611 Units at a price of $0.18 per Unit and 131,250 FT Units at a price of $0.20 per FT Unit for acting as finder, with the understanding that the common shares underlying the FT Units shall be issued on a non flow-through basis.
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 offering will be subject to a hold period of four months plus one (1) day until April 22, 2011. The proceeds from the private placement will be used for exploration and for general corporate purposes.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: For further information:
Yves J. Rougerie
President and CEO
Tel: (819) 874-6200