Deal with Industrial Alliance Securities funds drilling, exploration
By Devika Patel
Knoxville, Tenn., Dec. 2 - Aldrin Resource Corp. said it will raise C$2 million in a private placement of units. Industrial Alliance Securities Inc., the agent, is conducting the offering on a commercially reasonable best-efforts basis.
The company will sell 18,181,828 units of one flow-through common share and one half-share warrant at C$0.11 per unit.
Each whole warrant will be exercisable at C$0.16 for 18 months. The strike price is a 77.78% premium to the Nov. 29 closing share price of C$0.09.
Proceeds will be used to complete drilling and exploration on Aldrin's Triple M uranium exploration property in the Athabasca Basin.
Based in Vancouver, B.C., Aldrin is a resource exploration company.
| Issuer: | Aldrin Resource Corp.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$2 million
|
| Units: | 18,181,828
|
| Price: | C$0.11
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.16
|
| Agent: | Industrial Alliance Securities Inc.
|
| Pricing date: | Dec. 2
|
| Stock symbol: | TSX Venture: ALN
|
| Stock price: | C$0.09 at close Nov. 29
|
| Market capitalization: | C$6.05 million
|
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