Abitex Resources Inc. announces acquisition of Central Uranium Corporation

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[{"type":"text","content":"\n\n\n\nVAL D'OR and MONTREAL, QC, Sept. 16 /CNW Telbec/ - Abitex Resources Inc.\n(TSXV: ABE) ("Abitex" or the "Company") is very pleased to announce that it\nhas now completed the acquisition of Central Uranium Corporation ("Central")\nas per the terms of a share exchange agreement dated September 12, 2008, the\nwhole subject to final regulatory approval. A total of 13,366,774 Abitex\nShares were issued to Central shareholders in consideration for their Central\nShares. In addition, 5,585,500 Central purchase warrants were exchanged for\nAbitex warrants on a "one for one" basis (the "Abitex Warrants"). Each Abitex\nWarrant is convertible into one Abitex Share for a period ranging from 12 to\n24 months from the date of Acquisition, at prices ranging from $0.48 to $1.00\nper Abitex Share.\n\n\nClosing of the Acquisition was subject to completion of a minimum\nconcurrent financing which was satisfied by completion of private placements\nfor aggregate gross proceeds of $5,596,600, including the closing of a\n$400,000 brokered private placement of subscription receipts on September 15,\n2008. In accordance with the terms of the Subscription Receipt Agreement dated\nJuly 22, 2008, the Company triggered the conversion of its outstanding\nsubscription receipts into units of the Company, whereby 3,036,000\nflow-through subscription receipts issued at $0.60 were converted into\n3,036,000 flow-through units (the "FT Units") and 6,863,637 non flow-through\nsubscription receipts issued at $0.55 were converted into 6,863,637 units (the\n"Units"). Each FT Unit consists of one flow-through common share and one-half\ncommon share purchase warrant. Each Unit consists of one common share and one\ncommon share purchase warrant. Each whole warrant entitles its holder to\nsubscribe to one non flow-through common share of the Company for $0.80 for a\nperiod of 18 months following closing of the financing. The Company raised\nnearly CA$ 7.2M in the last few months and is well-positioned to advance its\nexploration programs.\n\n\nConcurrently with the closing of the Acquisition, Mr. Francois Ruel was\nappointed as a Director of Abitex and was nominated co-chairman of the Board\nalong with Mr. Yves Rougerie, the current President and CEO of Abitex. Prior\nto founding Central, Mr. Ruel...

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