VAL-D'OR, QC, June 12 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE)
(the "Company") is pleased to announce that it has completed the first tranche
of a private placement for a total of $1,880,000.
The Corporation issued a total of 10,742,869 flow-through units of the
Corporation (the "FT Units") at a price of $0.175 per FT Unit for aggregate
gross proceeds of $1,880,000. Each Unit consists of one common share and one
half (1/2) of one common share purchase warrant. Each whole warrant entitles
its holder to subscribe to one non flow-through common share of the
Corporation for $0.25 within 24 months following the date of issuance of the
The first segment of the private placement consisted of a non-brokered
private placement of 6,371,427 FT Units for gross proceeds of $1,115,000. The
placees are four (4) flow-through limited partnerships of the MineralFields
Group (the "Placees"). In connection with the private placement, Limited
Market Dealer Inc. received a cash commission equal to 6% of the gross
proceeds raised as well as an option to acquire non flow-through units of the
Company equal to 8% of the number of FT Units issued to the Placees at a price
of $0.175 per unit. Each unit is comprised of one non flow-through common
share and one half (1/2) of one common share purchase warrant. Each full
warrant entitles its holder to acquire one non flow-through common share of
the Company for $0.25 within 24 months following the date of issuance of the
The second segment of the private placement consisted of a non-brokered
private placement of 4,371,442 FT Units for gross proceeds of $765,000. The
placees are individual investors. Finder's fees of $39,000 equal to 6% of
$650,000 of the gross proceeds raised have or will be paid by the Corporation
to MZ Finance, CIBC Wood Gundy and BMO Nesbitt Burns of Montreal, Quebec.
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.
The Company expects to close the second tranche of the private placement
offering in the coming weeks. The funds of the offering will be used by the
Corporation to carry out exploration activities in Quebec, in particular the
resumption of the definition drilling program on the Lavoie uranium project
which will lead to a 43-101 compliant resource assessment of the historic "L"
deposit in Q3 2009 and an aggressive follow-up exploration program on the
Company's nearby wholly owned Epsilon project where an outcropping
Uranium-Gold occurrence discovered in 2008 assayed up to 2.15% U3O8 and 27.7
Abitex Resources Inc. is an exploration company based in Val d'Or, Quebec
which has a diverse portfolio of uranium, gold and base metal exploration
projects in Eastern Canada, three of which have historical resources. The
Company is focused on advancing its uranium projects but is also evaluating
new opportunities in order to enhance shareholder value.
MineralFields Group (a division of Pathway Asset Management), based in
Toronto and Vancouver, is a mining fund with significant assets under
administration that offers its tax-advantaged super flow-through limited
partnerships to investors throughout Canada 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 (including the Pathway Multi Series Funds
Inc. corporate-class mutual fund series). Information about MineralFields
Group is available at www.mineralfields.com.
The Company's public documents may be accessed at www.sedar.com
The TSX Venture Exchange (TSX-V) does not accept responsibility for the
adequacy or accuracy of this release.
For further information:
For further information: Yves J. Rougerie, President and CEO, (819)
874-6200, email@example.com; firstname.lastname@example.org