Wed Sep 6, 2006 Non-Brokered Private Placement Announced
VANCOUVER, BC - CONSOLIDATED ABADDON RESOURCES INC. (TSX.V: ABN) (the "Company") announces a non-brokered private placement of up to 600,000 Units consisting of 150,000 flow-through units (the "Flow-Through Units") and 450,000 non flow-through units (the "Non Flow-Through Units").
The Flow-Through Units are at an offering price of $0.50 per unit. Each Flow-Through Unit will consist of one flow-through share and one non flow-through share purchase warrant entitling the holder to purchase a non flow-through common share at a price of $0.55 for a period one year.
The Non Flow-Through Units are at an offering price of $0.45 per unit. Each Non Flow-Through Unit will consist of one non flow-through share and one non flow-through warrant entitling the holder to purchase a non flow-through warrant share at a price of $0.55 for a period of one year.
The Company will pay a 7.5% cash finder's fee in connection with this private placement offering. The finder's fees will be paid from the proceeds of the non-flow-through private placement.
The Private Placement is subject to TSX Venture Exchange acceptance. The Company intends to utilize the proceeds from the private placement for general working capital, exploration expenditures on its British Columbia property and reserve for future property investigations and/or acquisitions.
Consolidated Abaddon Resources Inc. is a Canadian uranium exploration company actively involved with the development of uranium properties in the ATHABASCA BASIN of northern Saskatchewan and the SIMS BASIN of northwestern Labrador.
ON BEHALF OF THE BOARD OF DIRECTORS
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
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