Ateba Resources Inc.
CNSX : ATR

Ateba Resources Inc.

July 10, 2015 16:08 ET

Ateba to Raise $200,000 Through Private Placement and to Settle Debt

TORONTO, ONTARIO--(Marketwired - July 10, 2015) - Ateba Resources Inc. ("Ateba" or the "Company") (CSE:ATR) is pleased to announce a best efforts private placement (the "Offering") of up to 10,000,000 units ("Units") at a price of $0.02 per Unit, for aggregate gross proceeds of $200,000. Each Unit will consist of one common share of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share for a period of one (1) year from the date of closing of the Offering at a price of CDN $0.05 per Common Share, provided that if, at any time after the date of issuance of such Warrant, the Common Shares trade on a stock exchange at a price of $0.15 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.

The proceeds from the sale of the Units will be for general working capital purposes.

The Company also announces that it intends to satisfy approximately $500,000 of debt through the issuance of up to 10,000,000 Common Shares at prices ranging from $0.03 to $0.05 per Common Share (the "Debt Settlement").

The securities issued pursuant to the Offering and the Debt Settlement are subject to a four-month hold period. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Canadian Securities Exchange ("CSE"), including a waiver of its minimum price per security of $0.05 per Common Share.

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

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 58,032,579

Contact Information

  • Ateba Resources Inc.
    William P. Dickie
    President and CEO
    (416) 366-2856
    wpdickie@aol.com