Ateba Resources Inc.
CNSX : ATR

Ateba Resources Inc.

July 09, 2010 12:12 ET

Ateba Completes Private Placement

TORONTO, ONTARIO--(Marketwire - July 9, 2010) - Ateba Resources Inc. ("Ateba" or the "Company") (CNSX:ATR) is pleased to announce is pleased to announce that it has closed its previously announced private placement (the "Offering"). 

The Company issued an aggregate of 662,500 units ("Units"), in addition to 4,587,500 flow through units ("FT Units"), at a price of $0.08 per Unit and FT Unit, for aggregate gross proceeds of $420,000. Each Unit consists of one common share of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"), and each FT Unit consists of one flow through common share of Ateba and one Warrant. Each Warrant entitles the holder thereof to purchase one Common Share for a period of two (2) years from the date of closing of the Offering at a price of CDN $0.12 per Common Share, provided that if, at any time four months plus one day after the date of issuance of such Warrant, the Common Shares trade on a stock exchange at a price of $0.25 per Common Share or greater for a period of twenty (20) consecutive trading days, the Company may accelerate the expiry date of the Warrants by giving notice to the holders of Warrants, in which case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.

"This financing will enable us to quickly move forward with our exploration program for the Walsh Katrine gold project," commented Bill Dickie, President and CEO. "We are currently reviewing our technical data gathered to date from our sampling and channelling programs to plan our summer drill campaign which is scheduled to begin next month."

The Company paid a cash finder's fee of $ 38,040 and issued 475,500 common shares to various individuals and firms.

The securities issued pursuant to the Offering are subject to a four-month hold period. The private placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the CNSX.

The proceeds from the sale of the FT Units and Units will be used to explore the Canadian properties of the Company and other mineral properties in Canada. In addition, the proceeds from the sale of the Units will be used for general working capital purposes.

About Ateba Resources

In addition to the Walsh Katrine Gold Project, the Company also has a uranium property in Elliot Lake on which there is a historic uranium resource.

For additional information on Ateba resources and its projects, please visit the Company's website at www.atebaresources.ca.

Note Regarding Forward-Looking Statements

This press release and other written or oral communication from Ateba Resources Inc. (the "Company") may include certain statements that may be considered "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Statements other than historical facts that address possible future events, plans or developments are forward-looking statements. Such statements may be identified by the use of words such as "will", ""may", "expects", "estimate", "intend" or the use of the future or conditional tense. Certain material factors or assumptions were applied in drawing our conclusions and making those forward-looking statements. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. Readers are cautioned that risks may change or new risks may emerge. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com. The Company undertakes no obligation to update this forward-looking information except as required by applicable law.

Shares Outstanding: 29,860,026

The CNSX does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information