Business
Abitex announces first closings of private placement raising $6,346,500
VAL-D'OR, QC, Aug. 1 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE) (the "Company") is pleased...
About this update from Vision Lithium, Inc.
[{"type":"text","content":"\n\n\n\nVAL-D'OR, QC, Aug. 1 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE)\n(the "Company") is pleased to announce that it has completed the first\nclosings of the private placement for a total of $6,346,500.\n\n\nThe Company is also pleased to update its previously announced proposed\nacquisition of Central Uranium Corporation ("Central"). The Company has\nproposed to acquire all the issued and outstanding common shares of Central in\nexchange for common shares of the Company, on the condition that Central raise\na minimum of $5,000,000. Central has raised $4,846,500 on the Company's behalf\nas of this closing and will surpass the minimum required amount at the time of\nan upcoming second closing. These amounts are held in escrow until the closing\nof the proposed transaction. It is anticipated that the transaction will close\nin August, 2008.\n\n\nPursuant to the terms of the letter of intent with Central, the private\nplacement consisted of a brokered private placement of 2,727,500 Subscription\nReceipts issued at $0.60 ("FT Subscription Receipts") for gross proceeds of\n$1,636,500, and a non-brokered private placement of 5,836,364 Subscription\nReceipts issued at $0.55 ("Subscription Receipts") for gross proceeds of\n$3,210,000. Desjardins Securities acted as agent for the brokered private\nplacement and was paid an 8% commission.\n\n\nUpon closing of the acquisition of Central, the FT Subscription Receipts\nand Subscription Receipts will be automatically converted, without additional\nconsideration, into flow-through units ("FT Unit") and units ("Unit") of the\nCompany, respectively. Each FT Unit will consist of one flow-through common\nshare and one-half common share purchase warrant. Each Unit will consist of\none common share and one common share purchase warrant. Each whole share\npurchase warrant entitles its holder to subscribe to one non flow-through\ncommon share of the Company for $0.80 for a period of 18 months following\nclosing.\n\n\nThe Company also closed a non-brokered private placement of 2,500,000 FT\nUnits for gross proceeds of $1,500,000 under the same terms outlined above.\nThe subscribers of this segment are three (3) flow-through limited\npartnerships of the MineralFields Group. In connection with this segment of\nthe private placement, Li...