Admiral Bay Resources Completes Private Placement
09 June 2009 - 7:47AM
Marketwired
Admiral Bay Resources, Inc. (TSX VENTURE: ADB) announced today the
completion of the second closing of its previously announced
private placement in an amount of $1,670,907 (CDN) which includes
the initial closing announced May 15, 2009.
The Company has issued 23,107,934 units, priced at $0.064 (CDN)
per unit. Each unit consists of one common share of Admiral Bay and
one-half warrant which will entitle the holder to purchase one
additional common share at $0.09 (CDN) per share for a term of
twelve (12) months ("Tranche A Warrants") and one-half warrant
which will entitle the holder to purchase one additional common
share at $0.128 (CDN) per share for a term of twenty-four (24)
months ("Tranche B Warrants"). The Company paid a finder's fee of
$60,287 (CDN) and 1,305,396 Tranche A Warrants and 1,305,396
Tranche B Warrants
All shares and warrants issued in connection with the private
placement are subject to a four month hold period expiring on
September 16, 2009 and October 9, 2009 respectively. If any of the
warrants are exercised prior to these dates, the shares issued on
exercise will be subject to a four month hold period expiring on
the respective dates.
Net proceeds of the offering will fund the previously announced
LV Neodesha (Thayer) acquisition of natural gas assets in the
Kansas Cherokee Basin and for general corporate purposes.
Admiral Bay Resources Inc. (www.admiralbay.com) is an emerging
unconventional gas production company focused on the development of
projects in the Cherokee Basin in southeast Kansas and the
Appalachian Basin in Pennsylvania. Admiral Bay is listed on the TSX
Venture Exchange under the symbol ADB.
Statements in this release that are not historical facts are
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Readers are cautioned
that any such statements are not guarantees of future performance
and that actual developments or results may vary materially from
those in these "forward-looking statements".
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release
Contacts: Admiral Bay Resources Inc. Steven Tedesco President
& C.E.O. (303) 350-1255 (303) 617-8956 (FAX)
stedesco@admiralbay.com Admiral Bay Resources Inc. Robert Carington
CFO (303) 350-1255 (303) 708-1861 (FAX) rcarington@admiralbay.com
www.admiralbay.com
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