Abitex completes private placement in the amount of $535,000

VAL-D'OR, QC, Nov. 2 /CNW Telbec/ - Abitex Resources Inc. (TSXV: ABE) (the "Corporation") is pleased to announce it has completed a non-brokered private placement for a total amount of $535,000 . The private placement consists of 535 Units at a price of $1,000 per Unit. Each Unit consists of 5,200 flow-through common shares, 1,300 non flow-through common shares and 3,900 non flow-through common share purchase warrants of the Corporation for a total of 2,782,000 flow-through common shares, 695,500 common shares and 2,086,500 common share purchase warrants. Each 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 warrant.

A finder's fee of $50,000 as well as 325,000 broker warrants is payable to Canaccord Capital by the Corporation. Each broker warrant entitles its holder to subscribe to one non flow-through common share of the Corporation for $0.15 within 24 months following the date of issuance of the warrant.

The private placement is subject to the required approvals of the competent regulatory authorities and all securities issued in connection with the private placement will be subject to a four month hold period plus one (1) day until March 3, 2010 . The funds of the private placement will be used by the Corporation to carry out exploration activities on its Lavoie and Epsilon Uranium-Gold properties in Quebec's Otish Mountains region and for working capital.

    
    About ABITEX
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    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 where two significant U-Au discoveries have been made by the
Company.

    The Company's public documents may be accessed at www.sedar.com
    For further information on the Company, please email us at [email protected]

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    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.
    

%SEDAR: 00003760EF

For further information: Yves J. Rougerie, President and CEO, [phone], [email protected]