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Message: Cons Abaddon closes private placements

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Cons Abaddon closes private placements

posted on Apr 30, 08 01:02PM

Cons Abaddon closes private placements

2008-04-30 16:44 ET - News Release

Mr. Jim Pettit reports

CONSOLIDATED ABADDON CLOSES PRIVATE PLACEMENTS WITH MINERALFIELDS GROUP AND OTHERS

Consolidated Abaddon Resources Inc. has issued a total of 1.9 million units pursuant to the closing of a flow-through private placement originally reported in Stockwatch news dated March 31, 2008, and a non-flow-through private placement originally reported in Stockwatch news dated April 4, 2008.

A total of 1.4 million flow-through units and 500,000 non-flow-through units were issued, in each case at 20 cents per unit. Each flow-through unit consists of one flow-through common share and one share purchase warrant and each non-flow-through unit consists of one common share and one share purchase warrant. The warrants from both placements each entitle the holder to purchase one additional common share for a period of two years from the date of issue, at a price of 20 cents per share.

The MineralFields Group acquired one million of the 1.4 million flow-through units offered.

"We are very pleased to be entering into this relationship with MineralFields Group," said James G. Pettit, president and chief executive officer. "This is an important milestone in the growth of Consolidated Abaddon Resources Inc. and we look forward to working with MineralFields Group as we develop our holdings in the Athabasca basin of Northern Saskatchewan and the Algoma district of Northwestern Ontario.

The common shares and warrants issued under the placements, and any shares issued pursuant to the exercise of the share purchase warrants, are subject to a four-month hold period under applicable securities laws and imposed by the TSX Venture Exchange. The hold period on 1.25 million of the flow-through units expires Aug. 16, 2008, and the hold period on the remaining 650,000 flow-through and non-flow-through units expires Aug. 30, 2008.

The company paid cash finders' fees totalling $15,000 in connection with the flow-through private placement and issued 9,375 non-flow-through units as a finder's fee in connection with the non-flow-through private placement. The 9,375 finders' units have the same terms and conditions as the units issued under the non-flow-through private placement described in the foregoing.