Aldrin Resource Corp.
TSX VENTURE : ALN

Aldrin Resource Corp.

November 07, 2013 16:18 ET

Aldrin Closes First Tranche of Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 7, 2013) - Aldrin Resource Corp. ("Aldrin") (TSX VENTURE:ALN) has closed a first tranche of its recently announced private placement financing of 9,720,500 units at a price of $0.10 per unit to raise gross proceeds of $972,500 (the "Financing"). Each unit is comprised of one common share and one warrant which is exercisable into one common share at $0.20 per share for 12 months from closing. Proceeds of the Financing will be used for the exploration program and option payments on Aldrin's Triple M uranium exploration property and Virgin Property in Saskatchewan as well as for general working capital purposes. This is the first tranche of a total financing of $1.5 million. The balance is expected to close within the next two weeks.

A number of agents assisted Aldrin in connection with the Financing and Aldrin has paid a cash commission of eight percent (8%) of the proceeds raised by the agents and has also issued 280,000 broker's warrants exercisable at $0.20 per share for 12 months from closing. The private placement shares, warrants and any shares issued on exercise of the warrants are subject to a hold period expiring on March 7, 2014. Management and directors of Aldrin participated in the financing for a total of $375,000. The Financing did not result in a change of control of Aldrin. The Financing has received final TSX Venture Exchange approval.

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)