Aldrin Resource Corp.
TSX VENTURE : ALN

Aldrin Resource Corp.

December 09, 2009 15:08 ET

Aldrin Announces $6 Million Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire – Dec. 9, 2009) - Aldrin Resource Corp. ("Aldrin") (TSX VENTURE:ALN) announces that it has entered into an engagement letter with Byron Capital Markets ("Byron") pursuant to which Byron will act as agent, on a commercially reasonable best efforts basis, in connection with the offering of up to 10,000,000 units at $0.60 per unit for gross proceeds of up to $6,000,000 (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. 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.

Byron will receive a cash commission of seven percent (7%) of the proceeds which it raises and broker's warrants equal to seven percent (7%) of the number of units which it places. The broker's warrants will be exercisable for a period of 12 months at a price of $0.60 per share.

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.

President and CEO of Aldrin, Johnathan More states, "We are very excited to work with Byron Capital Markets. Aldrin is going to have an extensive drilling season next year, and having the assistance of Byron Capital Markets will help us to achieve our objectives."

ON BEHALF OF THE BOARD

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)