Aldrin Converts Property Option Payment to Equity
March 19, 2014 (Source: Marketwired) — Aldrin Resource Corp (“Aldrin”) (TSX VENTURE:ALN)(FRANKFURT:OAA) announces that it has received TSX Venture Exchange approval to convert $220,000 of an option payment owing on its Triple M Uranium Property to equity. A $500,000 cash option payment owing to Sotet Capital Limited (Mr. Stephen Stanley), on March 18, 2014 will now be paid by $280,000 in cash and $220,000 in units of Aldrin at $0.055 per unit. Each unit is comprised of one common share and a half warrant with each whole warrant being exercisable into one Aldrin common share at $0.10 per share for a period of two years.
Proceeds from Aldrin’s recently completed private placement financing are being employed to drill test Aldrin’s priority uranium drill targets on the Triple M Property. The drill camp is currently being constructed and it is anticipated that drilling will commence within a few days. Additionally, the drill program has been increased up to as much as 4,000 m from the previously announced 3,000 m. The targets are coincident structure, radon, magnetic, basement conductor and gravity anomaly signatures, consistent with uranium deposits elsewhere in the Athabasca Basin, including Fission Uranium Corp.’s spectacularly high-grade discovery at Patterson Lake. Aldrin believes that the coincidence of multiple geological, geophysical and geochemical indications make these drill targets among the strongest possibilities for discovery in the region.
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Aldrin’s CEO Johnathan More states, “It is satisfying to see our optionor partners in the Triple M Property seek equity participation as we proceed with our expanded 2014 drill program. Mr. Stephen Stanley was CEO of Hathor Exploration Limited which was purchased by Rio Tinto in 2012 for US$642 million. We are pleased to have him as a significant shareholder.”
About Aldrin Resource Corp.
Aldrin Resource Corp. is a Canadian-based uranium exploration and development company trading on the TSX Venture Exchange (symbol ALN). The company has assembled and exceptional exploration property portfolio in one of the most exciting uranium exploration regions in the world, the Patterson Lake District, Saskatchewan. Aldrin will continue to identify high-grade basement uranium deposits like those found 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.