Abitex completes first tranche of private placement raising $662,950

VAL-D'OR, QC, Oct. 19 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE) (the "Company") is pleased to announce that it has completed the first tranche of a non-brokered private placement for a total of $662,950 .

The Company issued a total of 4,419,667 units of the Corporation (the "Units") at a price of $0.15 per Unit for aggregate gross proceeds of $662,950 . Each Unit consists of one common share and one common share purchase warrant. Each whole warrant entitles its holder to subscribe to one common share of the Corporation for $0.25 within 24 months following the date of issuance of the warrant. The placees are SIPAR Inc., a Montreal based investment management fund, and individual investors. Finder's fees of $15,000 have or will be paid by the Corporation to Services Gunst SEC.

The offering is subject to the required approvals of the applicable regulatory authorities, including final approval of the TSX Venture Exchange. All securities issued in connection with the offering will be subject to a hold period of four months plus one (1) day until February 17, 2010 . The Company expects to close the second tranche of the private placement offering in the coming week. The proceeds from the private placement will be used for further exploration and development of Abitex's Epsilon and Lavoie Uranium-Gold projects in Quebec's Otish Mountains region and for general corporate purposes.

    
    About ABITEX
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ABITEX is an exploration and development company based in Val d'Or, Quebec , which is currently focused on acquiring and advancing uranium properties in Quebec , including the Lavoie and Epsilon properties in the Otish Mountains where two significant U-Au discoveries have been made by the Company.

    
    About SIPAR
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SIPAR Inc. is a specialized fund management firm founded in 1991 which focuses on emerging public companies in Quebec . SIPAR manages investment funds with assets around $400 million on behalf of major Quebec-based institutions.

CONTACT INFORMATION:

    
    The Company's public documents may be accessed at www.sedar.com
    For further information on the Company, please email us at
    [email protected]

    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.
    

For further information: Yves J. Rougerie, President and CEO, [phone], [email protected]