SOURCE: Aldrin Resource Corp.
VANCOUVER, BC--(Marketwired - Mar 13, 2014) - Aldrin Resource Corp ("Aldrin") (TSX VENTURE: ALN) (FRANKFURT: OAA) announces that it has closed the non-brokered private placement previously announced on February 19th 2014. Aldrin raised flow through financing of $350,000 and non-flow through financing of $750,000 through the issuance of 4,666,666 flow through units at $0.075 per unit and 13,636,363 non-flow through units at $0.055 per unit. Each unit is comprised of one common share and a half warrant. Each whole warrant attached to flow through units is exercisable at $0.14 per share and each whole warrant attached to non-flow through units is exercisable at $0.10 per share. All warrants are exercisable for 24 months from closing. The warrants are subject to an accelerated exercise provision in the event Aldrin's shares trade at $0.18 or greater for a period of 20 consecutive trading days. All securities issued pursuant to the financing are subject to a four month hold period. The financing was oversubscribed. Agents' fees of $83,000 cash and 1,373,334 agents' warrants were paid in connection with the financing. The agents' warrants are exercisable on the same terms as the warrants which form part of the units.
Proceeds from the Financing and FT Financing will be used to drill test Aldrin's priority uranium drill targets on the Triple M Property. The drill camp is currently being constructed and it is anticipated that drilling will commence within a few days. Additionally, the drill program has been increased up to as much as 4,000 m from the previously announced 3,000 m. The targets are coincident structure, radon, magnetic, basement conductor and gravity anomaly signatures, consistent with uranium deposits elsewhere in the Athabasca Basin, including Fission Uranium Corp.'s spectacularly high-grade discovery at Patterson Lake. Aldrin believes that the coincidence of multiple geological, geophysical and geochemical indications make these drill targets among the strongest possibilities for discovery in the region.
Aldrin's CEO Johnathan More states, "We are excited to drill test our coincident geological, geochemical and geophysical targets, which are precisely parallel to Fission's spectacular high-grade uranium discovery at Patterson Lake."
About Aldrin Resource Corp.
Aldrin Resource Corp. is a Canadian-based uranium exploration and development company trading on the TSX Venture Exchange (symbol ALN). The company has assembled and exceptional exploration property portfolio in one of the most exciting uranium exploration regions in the world, the Patterson Lake District, Saskatchewan. Aldrin will continue to identify high-grade basement uranium deposits like those found in the Athabasca Basin.