Consolidated Abaddon Closes Non-Brokered Private Placement, Stock Options Granted
Suite 2230, 885 West Georgia Street, Vancouver, BC, V6C 3E8, CANADA www.consolidatedabaddon.com
Trading Symbol (TSX-V: ABN), (Frankfurt: E2L) Telephone: (604) 687-3376 Email: [email protected] Facsimile : (604) 687-3119
NEWS RELEASE
October 19, 2010
Consolidated Abaddon Closes Non-Brokered Private Placement, Stock Options Granted
Vancouver, BC - Consolidated Abaddon Resources Inc. (TSX-V: ABN) (FWB: 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-V: ABN), visit our Company’s web site at www.consolidatedabaddon.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“Jim Pettit”
_________________________ JAMES G. PETTIT President
For further information contact myself or:
Don Myers
Consolidated Abaddon Resources Inc.
Director Telephone: 604-687-3376 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email: [email protected]
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