Aldrin Resource Corp.

Aldrin Resource Corp.

March 11, 2010 13:10 ET

Aldrin Announces $5 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 11, 2010) - Aldrin Resource Corp. ("Aldrin") (TSX VENTURE:ALN) announces that it is proceeding with a $5 million private placement consisting of up to 10,000,000 units at $0.50 per unit (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 $0.75 per share for a period of 18 months from closing. Exercise of the warrants will be accelerated in the event Aldrin's common shares trade at a price of $1.50 or greater during the exercise term. Proceeds of the Offering will be used to complete drilling and exploration on Aldrin's properties in the Yukon Territory, for future acquisitions and working capital.

Agents which Aldrin may use in connection with the Offering will receive a cash commission of seven percent (7%) of the proceeds which they raise.

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.


Johnathan More, President and CEO

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
    President and CEO
    604-662-3904 (FAX)