Aldridge Minerals closes $3.78-million first trancAldridge Minerals closes $3.78-million first tranche
2010-01-18 15:21 ET - News Release
Dr. Hikmet Akin reports
ALDRIDGE CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
Aldridge Minerals Inc. has closed the first tranche of the non-brokered private placement announced in Stockwatch on Dec. 11, 2009. The first tranche consisted of 3.78 million units at a price of $1 per unit. Each unit consists of one common share and one share purchase warrant entitling the holder to acquire one additional common share at a price of $1.50 for a period of 24 months from closing. The warrants are also subject to an accelerated expiry date if the company's common shares close at the price of $2.50 or greater for a period of 30 days, in which case the warrant holder will have a maximum of 30 days thereafter to exercise the warrants. The company will pay a finder's fee of up to 7 per cent in cash and 3.5 per cent in brokers' warrants exercisable for 24 months at a price of $1.50 per warrant or in accordance with TSX Venture Exchange policies.
The securities issued pursuant to the private placement are subject to a four-month hold period which expires on May 16, 2010, in compliance with the applicable securities laws and the rules of the exchange.
The company will close the second and final tranche of the private placement on or before Jan. 25, 2010. The total net proceeds of the private placement will be used for continuing exploration and drill programs on the company's mineral properties in Turkey and for general working capital purposes.
The private placement and payment of the finder's fee are subject to approval of the TSX Venture Exchange.
We seek Safe Harbor.