VAL-D'OR, QC, Jan. 22, 2013 /CNW Telbec/ - Abitex Resources Inc. (TSXV: ABE)
(the "Company"; "Abitex") provides the following corporate update to its
Write-Off of Lavoie Property
The Corporation's option agreement for the Lavoie uranium-gold property in the
Otish Mountains of north-central Quebec called for $4M exploration
expenditures in 2012. Abitex was unable to meet this obligation by year-end
and is therefore in default as per the terms of the option agreement. Attempts
to extend/modify/renegotiate the option agreement with the property owners
were unsuccessful and the option agreement is considered rescinded.
Consequently, the Corporation has completed a $9.5M write-off of the full
value of the Lavoie project in its annual financial statements. Abitex retains
its 100% interest in the Epsilon property in the same geographic area where it
has spent almost $3M since 2008 and on which it has made several high grade
Annual General and Special Meeting
The Corporation's annual general and special meeting will be held February
28(th) at the Corporation's offices in Val d'Or, Quebec. Amongst the items on
the agenda are special resolutions submitted for shareholder approval for a
consolidation of the shares and a change of name of the Corporation.
The Management of the Corporation is proposing to consolidate its share
capital. In the opinion of the Management, a consolidation of common shares of
the Corporation on the basis of ten (10) existing shares for one (1) new
common share is the proper action to make the Corporation more attractive to
investors financing the Corporation's activities as well as buying securities
either privately or on public markets. The special resolution must be approved
by not less than two-thirds of the votes cast by the holders of Common Shares
present in person or represented by proxy at the Meeting to be effective. If
the Share Consolidation is implemented, the number of outstanding securities
of the Corporation will be 9,510,943 common shares and 700,000 options to
purchase common shares.
The Management of the Corporation will also propose to change the name of the
Corporation to "ABE RESOURCES INC. / RESSOURCES ABE INC."
Management of the Corporation believes the share consolidation and name change
are in the best interests of the shareholders and recommend to shareholders to
vote for both special resolutions.
The Company's public documents may be accessed atwww.sedar.com
For further information on the Company, please visit our website
atwww.abitex.ca or contact us firstname.lastname@example.org
Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
This press release contains "forward-looking information" which is subject to
a variety of known and unknown risks, uncertainties and other factors which
could cause actual events or results to differ from those expressed or implied
by the forward-looking information.
Yves J. Rougerie President and CEO Tel: (819) 874-6200 ext. 222
SOURCE: ABITEX RESOURCES INC.
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-0- Jan/22/2013 21:05 GMT
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