Business
Abitex Resources Inc. announces proposed acquisition of Central Uranium Corporation
VAL-D'OR and MONTREAL, QC, Sept. 15 /CNW Telbec/ - Abitex Resources Inc. (TSXV: ABE) ("Abitex" or...
About this update from Vision Lithium, Inc.
[{"type":"text","content":"\n\n\n\nVAL-D'OR and MONTREAL, QC, Sept. 15 /CNW Telbec/ - Abitex Resources Inc.\n(TSXV: ABE) ("Abitex" or the "Company") Mr Yves Rougerie, President and CEO of\nthe Company is very pleased to announce that, further to its press release\ndated April 9, 2008, it has entered into a share exchange agreement with\nCentral Uranium Corporation ("Central") pursuant to which Abitex will acquire\n(the "Acquisition") all of the issued and outstanding common shares of Central\n(the "Central Shares") in exchange for common shares of Abitex ("Abitex\nShares") on a "one for one" basis.\n\n\nUnder the terms of the Acquisition, shareholders of Central will receive\none Abitex Share in exchange for each Central Share held. A total of\n13,366,774 Abitex Shares will be issued to Central shareholders in\nconsideration for their Central Shares, for a total deemed purchase price of\n$5,346,710 based on the current trading price of $0.40 of Abitex Shares. In\naddition to the Central Shares, 5,585,500 Central purchase warrants are\ncurrently outstanding and will be exchanged for Abitex warrants on a "one for\none" basis (the "Abitex Warrants"). Each Abitex Warrant will be convertible\ninto one Abitex Share for a period ranging from 12 to 24 months from the date\nof Acquisition, at prices ranging from $0.48 to $1.00 per Abitex Share.\n\n\nClosing of the Acquisition was subject to completion of a minimum\n$5,000,000 concurrent financing, satisfied by completion of private placements\nfor aggregate gross proceeds of $5,196,600 which consisted of a brokered\nprivate placement of 3,036,000 Subscription Receipts issued at\n$0.60("FT Subscription Receipts") for gross proceeds of $1,821,600, and a\nnon-brokered private placement of 6,136,364 Subscription Receipts issued at\n$0.55 ("Subscription Receipts") for gross proceeds of $3,375,000. Upon closing\nof the acquisition of Central, the FT Subscription Receipts and Subscription\nReceipts will be automatically converted, without additional consideration,\ninto flow-through units ("FT Unit") and units ("Unit") of Abitex,\nrespectively. Each FT Unit will consist of one flow-through common share and\none-half common share purchase warrant. Each Unit will consist of one common\nshare and...