Aldrin Announces $2 Million Brokered Private Placement
December 2, 2013 (Source: Marketwired) — Aldrin Resource Corp (“Aldrin”) (TSX VENTURE:ALN) announces that it has entered into an engagement letter with Industrial Alliance Securities Inc. (“IAS”) pursuant to which IAS will act as agent, on a commercially reasonable best efforts basis, in connection with the offering of up to 18,181,828 units at $0.11 per unit for gross proceeds of up to $2,000,000 (the “Offering”). Each unit will be comprised of one flow-through common share and one half of a common share purchase warrant. Each full warrant is exercisable into one additional non flow-through Aldrin common share at $0.16 per share for a period of 18 months from closing. Proceeds of the Offering will be used to complete drilling and exploration on Aldrin’s Triple M uranium exploration property in the Athabasca Basin.
IAS will receive a cash commission of eight percent (8%) of the proceeds which it raises and broker’s warrants equal to eight percent (8%) of the number of units which it places. The broker’s warrants will be exercisable for a period of 18 months at a price of $0.11 per share.
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All securities issued on the proposed private placement will be subject to a four month hold period. Not more than 20% of the private placement will be subscribed for by non-arm’s length parties. The private placement is subject to TSX Venture Exchange approval. The private placement will not result in a change of control of Aldrin.
President and CEO of Aldrin, Johnathan More states, “We are very pleased to engage Industrial Alliance Securities as agent and lead manager for this flow-through offering. This will allow Aldrin to aggressively pursue its 2014 drill program in the Athabasca Basin.”
ON BEHALF OF THE BOARD
Johnathan More, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>