By Devika Patel
Knoxville, Tenn., Nov. 26 - Adriana Resources Inc. said it has raised C$20 million from the first non-brokered tranche of a C$30 million private placement of stock. The deal priced on Nov. 15.
In the first tranche, the company sold 18,181,817 common shares at C$1.10 apiece to five strategic investors, including WorldLink (Canada) Resources Ltd.
The company paid a finder's fee of 909,090 common shares at C$1.10 per share for this tranche.
In the second tranche, led by GMP Securities LP, the company will sell 9.1 million common shares at C$1.10 apiece for C$10 million. This tranche is expected to settle on Nov. 29.
The shares will have a four-month hold period.
Proceeds will be used to make the C$18 million final payment on the Brazil port site acquisition held by the company's subsidiary, Brazore Holdings Ltd. Proceeds also will be used for advanced engineering and design of the iron ore port facility, procurement of equipment and vessels, property investigation for iron ore sources in Brazil and general working capital.
Adriana is a mineral exploration and development company based in Vancouver, B.C.
Issuer: | Adriana Resources Inc.
|
Issue: | Common shares
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Amount: | C$30 million
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Pricing date: | Nov. 15
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Stock symbol: | TSX Venture: ADI
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Stock price: | C$1.30 at close Nov. 14
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First tranche
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Amount: | C$20 million
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Shares: | 18,181,817
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Price: | C$1.10
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Warrants: | No
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Investor: | WorldLink (Canada) Resources Ltd.
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Agent: | Non-brokered
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Fees: | 909,090 common shares
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Settlement date: | Nov. 26
|
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Second tranche
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Amount: | C$10 million
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Shares: | 9.1 million
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Price: | C$1.10
|
Warrants: | No
|
Agent: | GMP Securities LP
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Settlement date: | Nov. 29
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