By Sheri Kasprzak
Atlanta, June 17 - Admiral Bay Resources Inc. said it plans to sell up to C$5 million in units in a non-brokered private placement.
The deal includes up to 5 million units at C$1.00 each.
The units are comprised of one share and one half-share warrant. The whole warrants allow for an additional share at C$1.40 each for one year.
The proceeds will be used for exploration of its coal bed methane properties and for general corporate purposes.
Based in Toronto, Admiral Bay is an oil and natural gas exploration and development company.
| Issuer: | Admiral Bay Resources Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$5 million (maximum)
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| Units: | 5 million (maximum)
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| Price: | C$1.00
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$1.40
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| Pricing date: | June 17
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| Stock price: | C$1.40 at close June 17
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