Aldrin Resource Corp.
TSX VENTURE : ALN

Aldrin Resource Corp.

March 17, 2010 09:30 ET

Aldrin Increases Private Placement Offering From $5 Million to $7 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 17, 2010) - Aldrin Resource Corp. ("Aldrin") (TSX VENTURE:ALN) announces that further to its news release dated March 11, 2010, Aldrin is increasing its private placement offering from $5 million to $7 million. The private placement will consist of up to 14,000,000 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 $6 million will be used for exploration drilling on Aldrin's properties in the Yukon Territory. The balance of the proceeds will be used 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.

ON BEHALF OF THE BOARD OF DIRECTORS

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
    604-687-7741
    604-662-3904 (FAX)