Aldrin Resource Corp.
TSX VENTURE : ALN

Aldrin Resource Corp.

January 21, 2010 14:22 ET

Aldrin Adds Flow-Through Shares to $6 Million Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire – Jan. 21, 2010) – Aldrin Resource Corp ("Aldrin") (TSX VENTURE:ALN) announces that it has amended the terms of its engagement with Byron Capital Markets ("Byron") which was previously announced on December 9, 2009. Aldrin has now entered into engagement letters with Byron pursuant to which Byron will act as agent, on a commercially reasonable efforts basis, in connection with the offering of up to 4,000,000 flow-through shares at $0.75 per share and up to 5,000,000 non flow-through units at a price of $0.60 per unit for gross proceeds of up to $6 million (the "Offering"). Each unit will be comprised of one common share and one half of a common share purchase warrant. Each full warrant is exercisable into one additional Aldrin common share at $0.90 per share for a period of 12 months from closing. Flow-through proceeds of the Offering will be used for qualifying flow-through expenditures on Aldrin's mineral exploration properties in the Yukon Territory. Proceeds from the non flow-through units will also be used for drilling and exploration on Aldrin's mineral exploration properties as well as for working capital.

Byron will receive a cash commission of seven percent (7%) of the proceeds which it raises for both the flow-through shares and non flow-through units. Byron will also receive agent's warrants entitling it to purchase up to seven percent (7%) of the number of flow-through shares issued by Aldrin under the Offering at a price of $0.75 per share for a period of 12 months from closing. Byron will also receive agent's compensation options entitling Byron to subscribe for up to seven percent (7%) of the number of non flow-through units issued under the Offering at a price of $0.60 per unit for a period of 12 months from closing.

All securities issued on the proposed private placement will be subject to a four month hold period. Not more than 20% of the private placement will be subscribed for by non-arm's length parties. The private placement is subject to TSX Venture Exchange approval. The private placement will not result in a change of control of Aldrin.

ON BEHALF OF THE BOARD

"Johnathan More"
Johnathan More, CEO and Director

Neither the 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.

Contact Information

  • Aldrin Resource Corp.
    Johnathan More
    CEO and Director
    (604) 687-7741
    (604) 662-3904 (FAX)