Adriana Resources Inc.

Adriana Resources Inc.

December 11, 2007 15:33 ET

Adriana Closes Second Tranche of $30 Million Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 11, 2007) - Adriana Resources Inc. (the "Company" or "Adriana") (TSX VENTURE:ADI) announces the closing of the brokered portion of the $30 million private placement announced on November 14, 2007. The brokered placement was conducted through GMP Securities L.P. ("GMP") and consisted of 9,090,909 common shares at $1.10 per share for gross proceeds of $10 million. In connection with the brokered private placement, Adriana paid GMP a commission of $700,000 and issued 181,818 common shares at a deemed price of $1.10 per share to GMP. The common shares issued in connection with this brokered private placement are subject to a four-month hold period in accordance with applicable securities laws, expiring on April 12, 2008.

Proceeds of this brokered private placement will be used for the continued development, advanced engineering and design of the iron ore port facility, procurement of equipment and vessels, property investigation for iron ore sources in Brazil, as well as general working capital.

About Adriana Resources Inc.

Adriana's goal is to become an integrated iron ore producer in Brazil through continued development of its iron ore port facility and through potential acquisition of iron ore mineral resources. Adriana has mineral exploration projects in Nunavut, Canada, an advanced iron ore project in Quebec, Canada and is advancing an iron-vanadium development project in Finland. The individuals comprising Adriana's Board have a proven record in identifying and successfully developing mineral deposits through to production.


Michael J. Beley, President

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release that address future financings are forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

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