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Aldrin Resource Corp. (TSXV:ALN,FWB:OAA) received approval from the TSX Venture Exchange to convert $220,000 of an option payment owing on its Triple M Uranium Property into equity. $500,000 owed to Sotet Capital Limited will be paid by $280,000 in cash and $220,000 in units of Aldrin at $0.055 per unit.
As quoted in the press release:
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.
Aldrin CEO, Johnathan More, said:
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.
Click here to read the Aldrin Resource Corp. (TSXV:ALN,FWB:OAA) press release
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