| | | PRESS RELEASE ABITEX COMPLETES FIRST TRANCHE OF PRIVATE PLACEMENT RAISING $1,880,000 | | | | |
June 12, 2009, Val-d'Or, Quebec: 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 warrant. 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 warrant. 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 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. About MineralFields 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. 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. |