Admiral Bay Announces $12 Million Private Placement.TORONTO -- Admiral Bay Resources Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:ADB (Apple Desktop Bus) A low-speed serial bus for connecting keyboards, mice and other input devices on Apple IIgs and Macintosh computers. Starting with the iMac in 1998, the ADB was superseded by USB. ) announced today that it plans to raise up to $12,000,000 by way of a non-brokered private placement through the issuance of Units priced at $1.00. Each Unit will consist of one common share and one half common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at the price of $1.35 for a period of eighteen months from the closing date. The private placement offering is subject to regulatory approval. Proceeds of this placement will be used to continue the aggressive development of the Company's oil & gas projects in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The proceeds are budgeted for drilling, well completion, the building of infrastructure and the acquisition of additional acreage. Admiral Bay Resources Inc. (www.admiralbay.com) is a Canadian oil and gas exploration and development company focused upon its producing projects in the Cherokee Basin in south-east Kansas. Production has begun at the Company's U.S. conventional and coalbed methane (CBM CBM Commodore Business Machines CBM Coalbed Methane CBM Christoffel Blindenmission CBM Condition Based Maintenance CBM Confidence-Building Measures CBM Curriculum Based Measurement (education) CBM Cubic Meter ) gas projects located in the Uintah, Cherokee and Appalachian Basins. The Company's Moose River Basin property is being explored for coalbed methane on over 250,000+ acres in the James Bay lowlands of northern Ontario. The Company is listed on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. . 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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". The TSX Venture Exchange does not accept responsibility for the adequacy of this release. Admiral Bay Resources Inc. (TSX VENTURE:ADB) |
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