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Aldrin Resource Corp. (TSXV:ALN) closed its private placement of 11,973,500 units to raise gross proceeds of $957,880, at a price of $0.08 per unit. In conjunction with the closing of its private placement, the Company also closed the acquisition of the Triple M Property.
As quoted in the press release:
Each whole warrant is exercisable into one common share at $0.18 per share for 12 months from closing. Proceeds of the Private Placement will be used to complete a phase one exploration program and for option payments on Aldrin’s newly acquired Triple M Property and for general working capital. Closing of the Triple M Property acquisition occurred concurrently with closing of the Private Placement. Both the acquisition and Private Placement have received final TSX Venture Exchange approval.
Aldrin is also issuing 12,500,000 common shares in partial consideration of its option on the Triple M Property and 588,680 brokers’ warrants exercisable at $0.18 per share for 12 months from closing. 1,052,500 common shares are being issued as a finder’s fee in connection with the Triple M Property acquisition. All shares and warrants issued pursuant to the Private Placement and Triple M Property option agreement are subject to a four month hold period from the date of closing.
Click here to read the Aldrin Resource Corp. (TSXV:ALN) press release
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