| Absolut Resources Corp. (TSX VENTURE:ABS) (ABS) wishes to announce a non-brokered private placement of units of the Company at a price of $0.50 per unit, for anticipated gross proceeds of $3,500,000. Each unit will consist of one common share and one-half of one non-transferable common share purchase warrant (each full warrant termed a "Warrant"). Each Warrant is exercisable into one additional common share of Absolut at an exercise price of $0.75 per share for a period of eighteen months from the closing date of the private placement.
Proceeds of the private placement, which is subject to the approval of the TSX Venture Exchange, will be used to further advance the Company's Pico Machay Gold Project in Peru.
This press release contains forward looking statements.
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