Aldrin Announces Up to $750,000 Non-Brokered Private Placement and $350,000 Flow-Through Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 19, 2014) - Aldrin Resource Corp. ("Aldrin") (TSX VENTURE:ALN) announces a non-brokered private placement of units at $0.055 per unit of up to $750,000 (the "Financing"). Each unit will be comprised of one common share and one half share purchase warrant. Each full warrant is exercisable into one additional Aldrin common share at $0.10 per share for a period of 24 months from closing.
Aldrin also announces a $350,000 non-brokered flow-through private placement of units at $0.075 per unit (the "FT Financing"). Each unit will be comprised of one flow-through common share and one half share purchase warrant. Each full warrant is exercisable into one additional Aldrin common share at $0.14 per share for a period of 24 months from closing.
Exercise of all warrants issued under the Financing and FT Financing may be accelerated at Aldrin's discretion in the event Aldrin's common shares close at a price of $0.18 or higher on 20 consecutive days trading days during the exercise term of the warrants. Accelerated exercise requires 30 days notice to warrant holders and will not be effective until all hold periods on the warrants and underlying shares have expired.
Proceeds of the Financing and FT Financing will be used to expand Aldrin's 2014 drilling program on its Triple M Property. Aldrin will pay a cash commission of eight percent (8%) of the proceeds raised and warrants equal to eight percent (8%) of the number of units which are placed by agents who assist with the Financing and FT Financing.
All securities issued on the proposed private placement will be subject to a four month hold period. Aldrin management may participate in the Financing and FT Financing. Not more than 20% of the private placement will be subscribed for by non-arm's length parties. The Financing and FT Financing are subject to TSX Venture Exchange approval. The private placements will not result in a change of control of Aldrin.
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.