Adriana Resources Inc.

Adriana Resources Inc.

June 08, 2007 06:30 ET

Adriana Announces $2.5 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 8, 2007) - Adriana Resources Inc. (the "Company") (TSX VENTURE:ADI) announces it has arranged, subject to regulatory approval, a non-brokered private placement for proceeds of $2,500,000. The private placement consists of 2,272,727 common shares priced at $1.10 per share with one placee, Patriarco Holdings Ltd. On closing of the private placement, Patriarco Holdings Ltd. will own approximately 14.4% of the outstanding common shares of the Company. The shares will be subject to hold periods in accordance with TSX Venture Exchange (the "Exchange") policies and applicable securities laws. The Company anticipates paying a commission in conjunction with this placement. No warrants will be issued in connection with the private placement. Proceeds of this financing will be used for continued exploration of the Company's mineral properties in Nunavut, Quebec and Finland and for general working capital.

About Adriana Resources Inc.

Adriana Resources Inc. is a mineral exploration and development company with advanced and early staged mineral projects in Canada and Finland. The individuals comprising Adriana's Board have an impressive record in their previous associations in identifying and successfully developing mineral deposits through to production.


Michael J. Beley, President

Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this release.

Contact Information

  • Adriana Resources Inc.
    Robert Ferguson
    (604) 629-0250 or Toll Free: 1-877-629-0150
    (604) 629-0923 (FAX)