Dalradian Resources (TSX:DNA,AIM:DALR) announced arrangements for Ross Beaty to invest roughly C$11.3 million in the company through a non-brokered private placement. Mr. Beaty will own roughly 9.9 percent of the company upon closing of the placement.

As quoted in the press release:

Pursuant to the Private Placement, Mr. Beaty will acquire 12,556,000 units (the “Units”) at a price of C$0.90 per unit. Each unit will consist of one common share and one half of one share purchase warrant (each whole share purchase warrant a “Warrant”). Each warrant shall be exercisable into one share of the Company for a period of 24 months from closing at an exercise price of C$1.15.

Dalradian CEO, Patrick F.N. Anderson, said:

We are very happy to welcome Mr. Beaty as a significant new Dalradian shareholder. Ross’s experience in the mining sector and track record of investment in mining companies speaks for itself. Mr. Beaty complements a strong shareholder base who share the vision of building a gold mine at Curraghinalt.

Click here to read the Dalradian Resources (TSX:DNA,AIM:DALR) press release