Private Placement Final Tranche Closed
February 5, 2008
Edmonton, Alberta -- February 5, 2008 -- Athabasca Minerals Inc. ("ABM" or "Athabasca") (TSX Venture: ABM) is pleased to announce that it has closed the final tranche of its previously announced non-brokered private placement of up to 1,875,000 units (the "Private Placement") of Athabasca ("Units"), at a price of $0.40 per Unit. ABM has closed the final tranche of 678,750 Units in addition to the closing of 506,250 Units on January 23, 2008 for a total amount of 1,185,000 Units and total proceeds of $474,000.
Each Unit will consist of one (1) common share ("Common Share") of ABM, and one (1) share purchase warrant ("Warrant"), with each Warrant exercisable at a price of $0.60 per Common Share, for a period of 24 months following the Closing Date, subject to accelerated expiry. If after the date that is four months from the date of closing, the volume weighted average price of the Athabasca Common Shares on the TSX Venture Exchange (the "TSXV") be at least $0.80 for any period of 20 consecutive trading days, Athabasca may provide notice to holders of the Athabasca Warrants that the Athabasca Warrants will expire 30 days following the accelerated expiry notice.
Insiders of Athabasca purchased 566,250 Units pursuant to the Private Placement. The share certificates and warrant certificates are subject to a four-month hold period.
Proceeds from this private placement will be used for general working capital.
About Athabasca Minerals:
Athabasca Minerals Inc. is an innovative exploration company formed to explore for mineral resources other than oil, gas and oil sands in northeast Alberta. The company's aim is to find and develop local sources of the minerals essential to the economic development of the region (i.e. minerals used in oil sand processing, construction, and in the everyday requirements of community living). The company's permit holdings of 710,023 hectares in the vicinity of Fort McMurray, Alberta have exploration prospects for an assortment of industrial minerals including salt, silica sand, gypsum, limestone, and diamonds.
Independent from its mineral exploration activities, the company is also pursuing sand and gravel exploration and development projects throughout northern Alberta. These activities include contract works, gravel pit management, new gravel pit development and the acquisition of other sand and gravel operations.
For further information, please contact Dom Kriangkum, P.Eng., President and CEO of Athabasca Minerals Inc. at (780) 465-5696. E: firstname.lastname@example.org or Dean Stuart of Boardmarker Group at (403) 517-2270. E: email@example.com
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
This news release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Athabasca Minerals. The forward-looking statements or information contained in this news release are made as of the date hereof and Athabasca Minerals does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.