Consolidated Abaddon Resources Inc.
TSX VENTURE : ABN
FRANKFURT : E2L

Consolidated Abaddon Resources Inc.

October 19, 2010 16:34 ET

Consolidated Abaddon Closes Non-Brokered Private Placement, Stock Options Granted

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 19, 2010) - Consolidated Abaddon Resources Inc. (TSX VENTURE:ABN) (FRANKFURT:E2L) (the "Company") announces that, further to its news release dated September 8, 2010, it has closed its non-brokered private placement and issued 20,000,000 units at a price of $0.05 per unit to raise gross proceeds of $1,000,000. Each unit consists of one common share and one non-transferable share purchase warrant which entitles the holder to purchase one additional common share of the Company at a price of $0.10 until October 15, 2013.

The common shares comprising the units and any shares acquired on exercise of the warrants forming part of the units will be subject to a four month restriction on re-sale expiring February 16, 2011.

Consolidated Abaddon also announces that pursuant to its stock option plan, the Company has granted incentive stock options to its various directors, officers, management, company employees and consultants to purchase up to an aggregate of 2,582,468 common shares in the capital stock of the Company, exercisable for a period of five years, at a price of $0.10 per share. The Company's 10% rolling stock option plan was approved by the shareholders at the Annual General Meeting of the Company held on March 18, 2010. These options are subject to a four-month hold period.

About Consolidated Abaddon Resources Inc.:

Consolidated Abaddon Resources Inc. is a Canadian exploration company actively involved with the development of rare earth, lithium and uranium properties in northwestern Ontario and in the Athabasca Basin of northern Saskatchewan.

For further information on Consolidated Abaddon Resources Inc. (TSX VENTURE:ABN), visit our Company's web site at www.consolidatedabaddon.com.

ON BEHALF OF THE BOARD OF DIRECTORS

JAMES G. PETTIT, President

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Contact Information

  • Consolidated Abaddon Resources Inc.
    James G. Pettit
    President
    604-687-3376 or Toll Free: 800-567-8181
    604-687-3119 (FAX)
    or
    Consolidated Abaddon Resources Inc.
    Don Myers
    Director
    604-687-3376 or Toll Free: 800-567-8181
    604-687-3119 (FAX)
    info@consolidatedabaddon.com
    www.consolidatedabaddon.com