Aldrin Resource Corp.
TSX VENTURE : ALN

Aldrin Resource Corp.

October 08, 2013 09:30 ET

Aldrin Announces $1 Million Financing and Purchase of the Virgin Uranium Property

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 8, 2013) - Aldrin Resource Corp. ("Aldrin") (TSX VENTURE:ALN) is pleased to announce a non-brokered private placement consisting of up to 10,000,000 units at a price of $0.10 per unit for gross proceeds of $1 million (the "Financing"). Each unit will be comprised of one common share and one warrant. Each whole warrant will entitle the holder to purchase an additional common share of Aldrin at $0.20 for one year from the date of closing. Aldrin will pay a cash commission of eight (8%) percent of proceeds raised and broker's warrants equal to eight (8%) percent of the number of units placed by each agent.

Aldrin is also pleased to announce an agreement to purchase 100% interest in the Virgin Uranium Property, a high-priority exploration property covering 49,275 hectares on the south-central margin of the Athabasca Basin. The Virgin Uranium Property comprises 3 separate contiguous claims blocks within and proximal to the southern margin of the Athabasca Basin, located between 6 and 30 kms from Cameco's Centennial deposit. The Virgin Uranium Property claim block located within the Athabasca Basin is adjacent to Cameco's Centennial deposit property and the other claims blocks are located proximal to the Virgin River shear zone.

Aldrin's agreement includes a $75,000 signing payment, and provision of 5,000,000 common shares to the property owners Michael Lederhouse, Timothy Young, Matthew Mason, Dan Studer, upon acceptance of this agreement by the TSX Venture Exchange. The property owners retain a 3% Net Smelter Return ("NSR") on all production from the property, or a 3% Gross Overriding Royalty ("GORR") in regards to diamonds.

Proceeds of the Financing will be used towards the Triple M Property exploration program and for general working capital. The Financing is subject to TSX Venture Exchange Approval.

Aldrin's CEO Johnathan More states, "We are very excited to add the Virgin Uranium Property to our exploration portfolio, where it will enhance our flagship Triple M Property, located adjacent to the spectacular Patterson Lake discovery by Fission Uranium Corp. and Alpha Minerals Inc. We believe the Virgin Uranium property holds potential to open the south-central Athabasca Basin margin to significant new discovery".

ON BEHALF OF THE BOARD OF DIRECTORS

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)