Aldrin Resource Corp. (
TSX: V.ALN,
Stock Forum) has closed a private placement financing of 11.97 million units at a price of $0.08 per unit to raise gross proceeds of $957,880.
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 uranium property, located in the Paterson Lake Area of Saskatchewan within the Athabasca Basin, and for general working capital.
According to the
Aldrin Resource press release, the property consists of six claim blocks totalling 12,001 hectares and is bordering the Fission Uranium Corp. (
TSX: V.FCU,
Stock Forum)/Alpha Minerals Inc. (
TSX: V.AMW,
Stock Forum) discovery at Paterson Lake, nine kilometres south to 11 kilometres west of their recent discovery.
Aldrin is issuing 12.5 million 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.
Also, 1.05 million common shares are being issued as a finder's fee in connection with the Triple M property acquisition.
Aldrin is a mineral exploration company, focused on the acquisition, exploration and evaluation of resource properties.
On Friday, Aldrin rose 5.3% and was trading at $0.10 a share. The company had a market cap of $4.06 million, based on 40.6 million shares outstanding.