Aldrin Resource Corp. (“Aldrin” or the “Company”) is pleased to announce a non-brokered private placement raising gross proceeds of up to $1,750,000 through the issuance of up to 17,500,000 units at a price of $0.10 per unit. Each unit will be comprised of one common share of the Company and one share purchase warrant. Each share purchase warrant will allow the holder to acquire an additional common share of the Company at a price of $0.18 per share for a period of one year from the date of closing of the non-brokered private placement. The securities issued pursuant to the private placement will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities legislation. In circumstances where, any time after the expiry of the four month restricted period, the Company’s stock trades at $0.30 or greater for 10 consecutive days, the Company may give notice accelerating the expiry date of the exercise period of the Warrants to that date which is 30 days from the date of such notice.
A finder’s fee of 8% cash and 8% finder’s warrants may be paid in connection with this private placement. The finder’s warrants will have the same terms as the share purchase warrants noted above.
The proceeds of this private placement will be used for a drill program on the Company’s Triple M Property at Patterson Lake and general working capital.
The private placement is subject to certain conditions, including, but not limited to, the receipt of TSX Venture Exchange approval.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (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 an exemption from such registration is available.
In addition to the private placement, the Company announces that it will be, subject to TSX Venture approval, settling $120,000 of outstanding debts with certain creditors by way of issuance of 1,200,000 common shares at a deemed price of $0.10 per share.
Lastly, the Company also announces the grant of 1,200,000 incentive stock options to its directors, officers, consultants and employees pursuant to the Company’s Stock Option Plan. The options are exercisable for a period of 5 years at a price of $0.10 per share. The stock option grant is subject to regulatory approval.
ON BEHALF OF THE BOARD
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.
TEL: (604) 684-6264
FAX: (604) 684-6242