Deal funds exploration of Triple M uranium property, Virgin Property
By Devika Patel
Knoxville, Tenn., Nov. 7 - Aldrin Resource Corp. said it raised C$972,500 in the first tranche of a C$1.5 million private placement of units.
The company is selling 15 million units of one common share and one warrant at C$0.10 per unit. It sold 9,720,500 units in the initial tranche.
Each warrant is exercisable at C$0.20 for one year. The strike price is a 42.86% premium to the Nov. 6 closing share price of C$0.14.
Proceeds will be used for the exploration program and option payments on Aldrin's Triple M uranium exploration property and its Virgin Property in Saskatchewan, as well as for general working capital purposes.
Based in Vancouver, B.C., Aldrin is a resource exploration company.
| Issuer: | Aldrin Resource Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.5 million
|
| Units: | 15 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.20
|
| Settlement date: | Nov. 7 (for C$972,500)
|
| Stock symbol: | TSX Venture: ALN
|
| Stock price: | C$0.14 at close Nov. 6
|
| Market capitalization: | C$8.54 million
|
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