Abington Resources Ltd.

Abington Resources Ltd.

March 17, 2010 14:59 ET

Abington Resources Ltd.: Arizona Claims Staked/New Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 17, 2010) - Abington Resources Ltd. (TSX VENTURE:ABL)(PINK SHEETS:ABIZF) is pleased to announce the staking of additional claims relating to our recently announced Arizona gold property acquisition, the close of one private placement, and the arrangement of a new private placement.

The Company has staked forty (40) lode claims to form one contiguous block on our Treasure King gold property near Prescott, Arizona. These lode claims tie together the one horizontal and three vertical shafts located on our optioned ground.

Abington has arranged a non-brokered private placement of up to 1,000,000 units at a price of $0.90 per unit, for total gross proceeds of up to $900,000 subject to regulatory approvals. Each unit will consist of one common share and one transferable common share purchase warrant expiring 24 months after closing. Warrants are exercisable at a price of $0.90 during the first year and $1.10 in the second year. One (1) warrant shall be required for each one (1) common share at the exercise price. Proceeds will be used for work programs including exploration and development of the Treasure King Property, maintenance, upgrading, and development drilling on the Company's existing petroleum properties as well as working capital.

This latest private placement comes after the regulatory acceptance for filing on January 21/10 of our non-brokered private placement of 1,000,000 units at a price of $0.60 per unit, for total gross proceeds of $600,000. Each unit consists of one common share and one non-transferable common share purchase warrant exercisable at $0.65 for 24 months.

"Walter Brenner"
Walter Brenner
Director, President & Chief Executive Officer

"The forgoing is for informational purposes only, and is not to be construed as an offer to buy or sell securities in any jurisdiction. It may contain forward-looking statements. While the data compiled by management is from sources deemed to be reliable, actual future results may vary materially. Abington Resources Ltd. does not assume the obligation to update any forward-looking statement and will not be responsible for any loss or damage arising from the use of this information. We seek safe harbour."

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.

Contact Information

  • Abington Resources Ltd.
    Walter Brenner
    Director, President & Chief Executive Officer