Mon Mar 31, 2008 Flow-Through Private Placement Announced, Non Flow-Through Private Placement Cancelled, Shares Issued to Rubicon Minerals Corp.
Vancouver, BC - Consolidated Abaddon Resources Inc. (TSX-V: ABN) (FWB: E2L) announces it has arranged a non-brokered private placement of up to 1,500,000 flow-through units at a price of $0.20 per unit to raise gross proceeds of up to $300,000. Each flow-through unit will consists of one flow-through common share and one non-transferable share purchase warrant, with each warrant entitling the holder to purchase one non flow-through common share for a period of two years at a price of $0.20 per share.
The Company will not be proceeding with its 1,500,000 non flow-through unit private placement as previously announced.
The Company may pay a 7.5% finder's fee, payable in non flow-through units, in connection with part of this private placement offering.
The Company intends to utilize the proceeds of the private placement for an upcoming drill program to commence shortly on its 40% owned / Triex Minerals Corp. 60% owned Mann Lake uranium property located 25 kilometres SW of the McArthur River uranium mine and 15 km to the NE of Cameco's Millennium (U3O8) discovery in the Athabasca Basin of Northern Saskatchewan .
In other news, the Company announces that it has issued 50,000 common shares and paid the total sum of $30,000 in connection with an Option Agreement dated May 30, 2007 with Rubicon Minerals Corporation ("Rubicon"), whereby the Company has been granted an option to earn a 100% interest, subject to a 2% net smelter return royalty, in four separate claim blocks, know as the Pukaskwa Uranium Project, totaling approximately 102,720 acres located in the Algoma Mineral District, Sault Ste. Marie, Thunder Bay and Porcupine Mining Divisions, Ontario.
The common shares issued are subject to a four month hold period under applicable securities laws, and imposed by the TSX Venture Exchange, expiring July 26, 2008.
In order to earn its interest in the Pukaskwa Uranium Project over the next three years, the Company must make further cash payments of $125,000 and issue a further 100,000 common shares to Rubicon. Rubicon has been granted an option to repurchase 20% of the property by incurring an amount equivalent to 300% of the amount of expenditures incurred by the Company during the first year.
About Consolidated Abaddon Resources Inc.:
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, Sims Basin of western Labrador, and the Algoma District of northwestern Ontario. The Company is also developing a uranium property east of Moab, Utah.
Property partners include Denison Mines Corp., Triex Minerals Corp., and Utah Uranium Corp.
ON BEHALF OF THE BOARD OF DIRECTORS
"Don Huston"
____________________________
DONALD C. HUSTON
Director
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 EXCHNAGE HAVE NOT REVIEWED AND DO NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.
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