Admiral Bay Resources Announces Initial Closing of Private Placement
May 15 2009 - 5:00PM
Marketwired
Admiral Bay Resources Inc. ("Admiral Bay" or the "Company") (TSX
VENTURE: ADB) announced today the initial closing on May 15, 2009
of its previously announced private placement of up to $2,000,000
(CDN). The initial closing is in an amount of $1,662,111 (CDN) with
a second closing expected on or before May 30, 2009.
The placement, priced at $0.064 (CDN) per unit, will raise up to
$2,000,000 (CDN). Each unit will consist 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 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. Further details of
the offering can be found in the official Subscription Agreement
available to accredited investors from the Company. The Company
paid a finder's fee of $60,065 and warrants to purchase that number
of shares of the Company equal to 5% of the warrants issued to
purchasers introduced to the Company by the finder, which finder's
warrants have the same terms as the private placement 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. If any of the warrants are exercised before
September 16, 2009, the shares issued on exercise will be subject
to a four month hold period expiring on September 16, 2009.
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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