New Issue: Admiral Bay completes $10.02 million private placement of units

By Sheri Kasprzak

New York, Feb. 27 - Admiral Bay Resources Inc. said it has settled a non-brokered private placement for $10,024,242.

The company issued 14,961,556 units at $0.67 each.

The units include one share and one half-share warrant. The whole warrants allow for the purchase of another share at $1.20 each for two years.

Based in Denver, Admiral Bay is a coal bed methane production company.

Issuer:	Admiral Bay Resources Inc.
Issue:	Units of one share and one half-share warrant
Amount:	$10,024,242
Units:	14,961,556
Price:	$0.67
Warrants:	One half-share warrant per unit
Warrant expiration:	Two years
Warrant strike price:	$1.20
Placement agent:	Non-brokered
Settlement date:	Feb. 27
Stock symbol:	TSX Venture: ADB
Stock price:	C$0.94 at close Feb. 27

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