Non-brokered deal funds drilling, exploration; units sold at C$0.095
By Devika Patel
Knoxville, Tenn., Dec. 23 - Aldrin Resource Corp. said it cancelled its units sale with agent Industrial Alliance Securities Inc., which priced Dec. 2. Instead, the company plans to raise C$1 million in a non-brokered private placement of units.
The company will sell units of one flow-through common share and one half-share warrant at C$0.095 per unit.
Each whole warrant will be exercisable at C$0.16 for 18 months. The strike price is a 100% premium to the Dec. 20 closing share price of C$0.08.
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$1 million
|
| Price: | C$0.095
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.16
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 23
|
| Stock symbol: | TSX Venture: ALN
|
| Stock price: | C$0.08 at close Dec. 20
|
| Market capitalization: | C$5.33 million
|
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