Aldrin Resource Corp. Closes Financing

Aldrin Resource Corp. (TSXV:ALN) closed the non-brokered private placement of $350,000 and non-flow through financing of $750,000, announced on February 19th 2014. The Company also announced that drilling will begin soon, and that the drill program has been increased up to as much as 4,000m from the previously announced 3,000m.

As quoted in the press release:

Each unit is comprised of one common share and a half warrant. Each whole warrant attached to flow through units is exercisable at $0.14 per share and each whole warrant attached to non-flow through units is exercisable at $0.10 per share. All warrants are exercisable for 24 months from closing. The warrants are subject to an accelerated exercise provision in the event Aldrin’s shares trade at $0.18 or greater for a period of 20 consecutive trading days. All securities issued pursuant to the financing are subject to a four month hold period. The financing was oversubscribed. Agents’ fees of $83,000 cash and 1,373,334 agents’ warrants were paid in connection with the financing. The agents’ warrants are exercisable on the same terms as the warrants which form part of the units.

Aldrin Resource Corp. CEO, Johnathan More, said:

We are excited to drill test our coincident geological, geochemical and geophysical targets, which are precisely parallel to Fission’s spectacular high-grade uranium discovery at Patterson Lake.

Click here to read the Aldrin Resource Corp. (TSXV:ALN) press release
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