Dalradian Resources Inc.
TSX : DNA
AIM : DALR

Dalradian Resources Inc.

February 09, 2015 08:00 ET

Dalradian Closes C$11.3 Million Investment With Ross Beaty

TORONTO, ONTARIO--(Marketwired - Feb. 9, 2015) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Dalradian Resources Inc. (TSX:DNA)(AIM:DALR) ("Dalradian" or the "Company") has closed the previously announced C$11,300,400 financing with Ross Beaty, which was completed by way of a non-brokered private placement (the "Private Placement"). Mr. Beaty now owns approximately 9.7% of the issued and outstanding common shares of the Company ("Common Shares"). Dalradian also announces that 2,132,250 Common Shares have been issued on exercise of share purchase warrants expiring February 19, 2015.

Pursuant to the Private Placement, Mr. Beaty acquired 12,556,000 units (the "Units") at a price of C$0.90 per Unit. Each Unit consists of one Common Share and one half of one share purchase warrant (each whole share purchase warrant a "Warrant"). Each Warrant is exercisable to acquire one Common Share at any time up to February 9, 2017 at an exercise price of C$1.15.

The Company intends to use the net proceeds of the Private Placement for exploration and development of the Company's Curraghinalt Gold Project and for general working capital purposes.

All securities issued in the Private Placement are subject to a statutory hold period in Canada of four months from closing. The Company has applied for the admission of the 12,556,000 Common Shares issued in connection with the Private Placement on the AIM market of the London Stock Exchange and expects admission to occur on February 10, 2015. Dalradian now has 154,738,733 Common Shares issued and outstanding.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the U.S. Securities Act, or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

About Dalradian

Dalradian Resources Inc. is a Canadian incorporated gold exploration and development company that is focused on advancing its high-grade Curraghinalt Gold Project located in Northern Ireland, United Kingdom. The Company has commenced a work program with a fully-funded budget of approximately C$30 million and the goal of completing a pre-feasibility study in support of a planning application for construction of an operating mine at Curraghinalt. Components of the program include underground exploration, which incorporates approximately 1,200 metres of development and 20,000 metres of underground drilling, a pre-feasibility study and an environmental impact assessment.

FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, the use of proceeds of the Private Placement, test work and confirming results from work performed to date, estimation of mineral resources and the realization of the expected economics of the Curraghinalt Gold Deposit. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved.

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions, such as the use of proceeds of the Private Placement being applied as intended, continued political stability in Northern Ireland, that permits required for the Company's operations will be obtained in a timely basis in order to permit the Company to proceed on schedule with its planned development and exploration programs, that skilled personnel and contractors will be available as the Company's operations continue to grow, that the price of gold will be at levels that render the Company's mineral project economic, that the Company will be able to continue raising the necessary capital to finance its operations and realize on mineral resource estimates, and that the assumptions contained in the PEA are accurate and complete.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Contact Information

  • Dalradian Resources Inc.
    Marla Gale
    Vice President, Communications
    +1 416 583 5622
    investor@dalradian.com

    Canaccord Genuity Limited (Nominated Adviser and Broker)
    Ryan Gaffney / Henry Fitzgerald-O'Connor/ Neil Elliot
    +44 20 7523 8000

    Finsbury (UK financial communications)
    Charles O'Brien
    +44 20 7251 3801
    Charles.O'Brien@Finsbury.com

    Finsbury (UK financial communications)
    Richard Webster-Smith
    +44 20 7251 3801
    Richard.Webster-Smith@Finsbury.com