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Abitex completes second tranche of private placement raising total of $2,171,725
VAL-D'OR, QC, July 13 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE) (the "Corporation") is pl...
About this update from Vision Lithium, Inc.
[{"type":"text","content":"\n\n\n\nVAL-D'OR, QC, July 13 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE)\n(the "Corporation") is pleased to announce that it has completed the second\ntranche of a private placement, raising a total of $2,171,725.\n\n\nThe Corporation issued a total of 12,409,871 flow-through units of the\nCorporation (the "FT Units") at a price of $0.175 per FT Unit for aggregate\ngross proceeds of $2,171,725. Each Unit consists of one common share and one\nhalf (1/2) of one common share purchase warrant. Each whole warrant entitles\nits holder to subscribe to one non flow-through common share of the\nCorporation for $0.25 within 24 months following the date of issuance of the\nwarrant.\n\n\nThe first tranche of the private placement, which closed on June 12,\n2009, consisted of a non-brokered private placement of 10,742,869 FT Units for\ngross proceeds of $1,880,000. The placees were four (4) flow-through limited\npartnerships of the MineralFields Group (6,371,427 FT Units for gross proceeds\nof $1,115,000) and individual investors (4,371,442 FT Units for gross proceeds\nof $765,000).\n\n\nThe second tranche of the private placement consisted of a non-brokered\nprivate placement of 1,667,002 FT Units for gross proceeds of $291,725. The\nplacees are individual investors. Finder's fees of $5,743.50 equal to 6% of\n$95,725 of the gross proceeds raised have or will be paid by the Corporation\nto Canaccord Capital Corporation of Vancouver, British Columbia.\n\n\nThe offering is subject to the required approvals of the applicable\nregulatory authorities, including final approval of the TSX Venture Exchange.\nAll securities issued in connection with the offering will be subject to a\nhold period of four months plus one (1) day.\n\n\nThe funds of the offering will be used by the Corporation to carry out\nexploration activities in Quebec. The Company has resumed the definition\ndrilling program on the Lavoie project which will lead to a 43-101 compliant\nresource assessment of the "L" uranium deposit later in 2009 and has also\ninitiated an aggressive follow-up exploration program on the nearby wholly\nowned Epsilon project where an outcropping Uranium-Gold occurrence discovered\nin 2008 assayed up to 2.15% U3O8 and 27.7 g/t Au.\n\n\nAbout Abitex\n\n\n------------\n\n\nAbitex Resources Inc. is an exploration company...