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ADB Admiral Bay Resources Inc.

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Share Name Share Symbol Market Type
Admiral Bay Resources Inc. TSXV:ADB TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Admiral Bay Resources Completes Private Placement

08/06/2009 10:47pm

Marketwired Canada


Admiral Bay Resources, Inc. (TSX VENTURE:ADB) announced today the completion of
the second closing of its previously announced private placement in an amount of
$1,670,907 (CDN) which includes the initial closing announced May 15, 2009.


The Company has issued 23,107,934 units, priced at $0.064 (CDN) per unit. Each
unit consists of one common share of Admiral Bay and one-half warrant which will
entitle the holder to purchase one additional common share at $0.09 (CDN) per
share for a term of twelve (12) months ("Tranche A Warrants") and one-half
warrant which will entitle the holder to purchase one additional common share at
$0.128 (CDN) per share for a term of twenty-four (24) months ("Tranche B
Warrants"). The Company paid a finder's fee of $60,287 (CDN) and 1,305,396
Tranche A Warrants and 1,305,396 Tranche B Warrants


All shares and warrants issued in connection with the private placement are
subject to a four month hold period expiring on September 16, 2009 and October
9, 2009 respectively. If any of the warrants are exercised prior to these dates,
the shares issued on exercise will be subject to a four month hold period
expiring on the respective dates.


Net proceeds of the offering will fund the previously announced LV Neodesha
(Thayer) acquisition of natural gas assets in the Kansas Cherokee Basin and for
general corporate purposes.


Admiral Bay Resources Inc. (www.admiralbay.com) is an emerging unconventional
gas production company focused on the development of projects in the Cherokee
Basin in southeast Kansas and the Appalachian Basin in Pennsylvania. Admiral Bay
is listed on the TSX Venture Exchange under the symbol ADB.


Statements in this release that are not historical facts are "forward-looking
statements" within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. Readers are cautioned that any such statements are not guarantees
of future performance and that actual developments or results may vary
materially from those in these "forward-looking statements".


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