Alderon Announces $5 Million Private Placement

Alderon Resource Corp. (TSX VENTURE:ADV) reported that, subject to TSX Venture Exchange approval, it will undertake a non-brokered private placement with a single institutional investor of 1,818,182 flow-through shares of the Company at a price of $2.75 per Flow-Through Share for gross proceeds of $5,000,000.50.

The press release is quoted as saying:

The funds raised from the Flow-Through Private Placement will be used by Alderon for exploration expenditures on its properties and specifically will be used to conduct a drilling program on the Kamistiatusset (“Kami”) iron ore project, which will constitute Canadian exploration expenditures (as defined in the Income Tax Act (Canada)) and will be renounced for the 2010 taxation year.

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