April 17, 2007
NEWS RELEASE
Consolidated Abaddon Arranges
Private Placement
Vancouver, BC - Consolidated Abaddon Resources Inc.
(TSX-V: ABN) (FWB: E2L) (“Consolidated Abaddon” or the
“Company”) is pleased to announce that it has entered into an agreement
with Pacific International Securities Inc. and PowerOne Capital Markets
Limited (the “Agents”), for the private placement on a
commercially reasonable efforts basis, of up to 2,858,000 units (the
“Units”) at a price of $0.70 per Unit (the
“Offering”), to raise total gross proceeds of up to
$2,000,600.
Each Unit will consist of one common share of
the Company (“Share”) and one transferable common share purchase
warrant. Each such warrant will be exercisable to acquire one
additional Share for a period of two years from closing at an exercise price
of $0.90 in the first year and $1.10 in the second year. In addition,
the Company has agreed an over-allotment option whereby the Agents may place an
additional 714,500 Units.
The Agents will receive a commission of 7.0%
of the gross proceeds of the Offering, payable in cash or Units at the
election of the Agents. In addition, the Agents will receive
compensation options equal to 7.0% of the number of Units sold under the
Offering. Each compensation option will entitle the Agent to purchase
one share at a price of $0.80 for a period of two years following the closing
of the Offering. All securities issued in the Offering will have a hold
period in Canada
of four months from the closing of the Offering.
The
Company intends to utilize the proceeds of the private placement for general
working capital and reserve for further property investigations and / or
acquisitions.
The Offering is subject to completion of
satisfactory due diligence by the Agent with respect to the Company,
completion and execution of appropriate documentation, acceptance for filing
by the TSX Venture Exchange of the Offering on behalf of the Company and
receipt of any required regulatory approvals.
Consolidated Abaddon Resources
Inc. is a Canadian uranium exploration company actively involved with the
development of uranium properties in the ATHABASCA
BASIN of northern Saskatchewan
and the SIMS BASIN
of western Labrador.
Property
partners include Denison Mines Corp. and Triex Minerals Corp.
For
further information on Consolidated Abaddon Resources Inc.
(TSX-V: ABN), visit the Company’s web site at www.consolidatedabaddon.com.
ON
BEHALF OF THE BOARD OF DIRECTORS
“Jim Pettit”
____________________________
JAMES
G. PETTIT
President
Issued and Outstanding
33.4 million shares
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