1019, boul. des Pins Val-d'Or (Qu?bec) J9P 4T2 T?l. : 819-874-6200 T?lec. : 819-874-6202 | | | | ABITEX COMPLETES SECOND TRANCHE OF PRIVATE PLACEMENT RAISING TOTAL OF $2,171,725 | | | | |
July 13, 2009, Val-d'Or, Quebec: Abitex Resources Inc. (TSX-V: ABE) (the "Corporation") is pleased to announce that it has completed the second tranche of a private placement, raising a total of $2,171,725. The Corporation issued a total of 12,409,871 flow-through units of the Corporation (the "FT Units") at a price of $0.175 per FT Unit for aggregate gross proceeds of $2,171,725. 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 warrant. The first tranche of the private placement, which closed on June 12, 2009, consisted of a non-brokered private placement of 10,742,869 FT Units for gross proceeds of $1,880,000. The placees were four (4) flow-through limited partnerships of the MineralFields Group (6,371,427 FT Units for gross proceeds of $1,115,000) and individual investors (4,371,442 FT Units for gross proceeds of $765,000). The second tranche of the private placement consisted of a non-brokered private placement of 1,667,002 FT Units for gross proceeds of $291,725. The placees are individual investors. Finder's fees of $5,743.50 equal to 6% of $95,725 of the gross proceeds raised have or will be paid by the Corporation to Canaccord Capital Corporation of Vancouver, British Columbia. 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 funds of the offering will be used by the Corporation to carry out exploration activities in Quebec. The Company has resumed the definition drilling program on the Lavoie project which will lead to a 43-101 compliant resource assessment of the "L" uranium deposit later in 2009 and has also initiated an aggressive follow-up exploration program on the nearby wholly owned Epsilon project where an outcropping Uranium-Gold occurrence discovered in 2008 assayed up to 2.15% U3O8 and 27.7 g/t Au. About Abitex 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. CONTACT INFORMATION: Yves J. Rougerie President and CEO Tel: (819) 874-6200 yrougerie@abitex.ca The Company's public documents may be accessed at www.sedar.com For further information on the Company, please email us at info@abitex.ca The TSX Venture Exchange (TSX-V) does not accept responsibility for the adequacy or accuracy of this release. |