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 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.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jim Pettit"
____________________________
JAMES G. PETTIT
President
For further information contact myself or:
Don Myers
Consolidated Abaddon Resources Inc.
Director
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@consolidatedabaddon.com
The TSX Venture Exchange and Frankfurt Stock Exchange have not reviewed and does not accept the responsibility for the adequacy or accuracy of this News Release.
This press release does not constitute an offer to sell, or a solicitation of an offer to sell, any of the foregoing securities in the United States. None of the foregoing securities have been and, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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