Non-brokered offering finances drilling program at Triple M Property
By Devika Patel
Knoxville, Tenn., Feb. 19 - Aldrin Resource Corp. said it plans a C$1.1 million non-brokered private placement of units.
The company will sell C$350,000 of flow-through units of one flow-through common share and one half-share warrant at C$0.075 per unit. Each whole, two-year warrant will be exercisable at C$0.14, a 100% premium to the Feb. 18 closing share price of C$0.07.
The company also will sell C$750,000 of units of one common share and one half-share warrant at C$0.055 per unit. Each whole, two-year warrant will be exercisable at C$0.10, a 42.86% premium to the Feb. 18 closing share price.
Proceeds will be used to expand the drilling program at the Triple M Property.
Based in Vancouver, B.C., Aldrin is a resource exploration company.
| Issuer: | Aldrin Resource Corp.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, units of one common share and one half-share warrant
|
| Amount: | C$1.1 million
|
| Warrant expiration: | Two years
|
| Warrants: | One half-share warrant per unit
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 19
|
| Stock symbol: | TSX Venture: ALN
|
| Stock price: | C$0.07 at close Feb. 18
|
| Market capitalization: | C$6.79 million
|
|
|
| Flow-through units
|
| Amount: | C$350,000
|
| Price: | C$0.075
|
| Warrant strike price: | C$0.14
|
|
|
| Units
|
| Amount: | C$750,000
|
| Price: | C$0.055
|
| Warrant strike price: | C$0.10
|
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