| Absolut Resources Corp. (TSX VENTURE:ABS) is pleased to announce that it has completed its previously announced non-brokered private placement of 7,000,000 units of the Company at a price of $0.50 per unit, for total gross proceeds of $3,500,000. Each unit consists of one common share and one half of one common share purchase warrant. One whole common share purchase warrant entitles the holder to purchase one common share at a price of $0.75 per share for a period of eighteen months from the date of closing. The securities issued in association with the placement are subject to a four-month hold period, expiring June 27, 2007. 350,000 common shares of the Company will be issued to an individual, representing a 5% finder's fee at $0.50 per common share.
Proceeds of the private placement will be used to continue exploration and drilling on the Pico Machay Gold Project in Peru, and for general corporate purposes.
This press release contains forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.
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