By Sheri Kasprzak
New York, Jan. 20 - Admiral Bay Resources Inc. said it has concluded a private placement for $10,024,242.
The company sold 14,961,556 units at $0.67 each.
The units are comprised of one share and one half-share warrant. The whole warrants are exercisable at $1.20 each through Jan. 18, 2007.
Energy Capital Solutions was the placement agent.
Proceeds will be used for the company's 2006 drilling program.
Based in Denver, Admiral Bay is a coal bed methane production 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: | $10,024,242
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Units: | 14,961,556
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Price: | $0.67
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Jan. 18, 2007
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Warrant strike price: | $1.20
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Placement agent: | Energy Capital Solutions
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Settlement date: | Jan. 20
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Stock symbol: | Pink Sheets: ADBRF
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Stock price: | $0.87 at close Jan. 19
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