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

Consolidated Abaddon Resources Inc.

May 01, 2008 08:30 ET

Consolidated Abaddon Closes Private Placements with MineralFields Group and Others

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 1, 2008) - Consolidated Abaddon Resources Inc. (TSX VENTURE:ABN) (FRANKFURT:E2L) announces that it has issued a total of 1,900,000 units pursuant to the closing of a flow-through private placement originally announced March 31, 2008, and a non-flow-through private placement originally announced April 4, 2008.

A total of 1,400,000 flow-through units and 500,000 non-flow-through units were issued, in each case at $0.20 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 $0.20 per share.

The MineralFields Group acquired 1,000,000 of the 1,400,000 flow-through units offered. "We are very pleased to be entering into this relationship with MineralFields Group" said James G. Pettit, President and CEO. "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 1,250,000 of the flow-through units expires August 16, 2008 and the hold period on the remaining 650,000 flow-through and non-flow-through units expires August 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 finder's units have the same terms and conditions as the units issued under the non-flow-through private placement described in the foregoing.

About Consolidated Abaddon Resources Inc.:

Consolidated Abaddon Resources Inc. is a Canadian uranium exploration company actively involved with the development of uranium properties in the Athabasca Basin of northern Saskatchewan, the Sims Basin of western Labrador, and the Algoma District of northwestern Ontario. The Company is also developing a uranium property east of Moab, Utah.

Property partners include Denison Mines Corp., Triex Minerals Corp., and Utah Uranium Corp.

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

About MineralFields Group

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com.

ON BEHALF OF THE BOARD OF DIRECTORS

JAMES G. PETTIT, President

The TSX Venture exchange and Frankfurt Stock Exchange have not reviewed and do not accept 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: 1-800-567-8181
    or
    Consolidated Abaddon Resources Inc.
    Don Myers
    Director
    (604) 687-3376 or Toll Free: 1-800-567-8181
    (604) 687-3119 (FAX)
    Email: info@consolidatedabaddon.com
    Website: www.consolidatedabaddon.com