VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 23, 2013) - Aldrin Resource Corp. ("Aldrin")
(TSX VENTURE:ALN) announces that it is not proceeding with its previously announced $2 million brokered private placement with Industrial Alliance Securities Inc. ("IAS"). Aldrin will proceed with a $1 million non-brokered private placement of flow through units at $0.095 per unit. Each unit will be comprised of one flow-through common share and one half of a common share purchase warrant. Each full warrant is exercisable into one additional non flow-through Aldrin common share at $0.16 per share for a period of 18 months from closing. Proceeds of the Offering will be used to complete drilling and exploration on Aldrin's Triple M uranium exploration property in the Athabasca Basin.
Aldrin will pay a cash commission of eight percent (8%) of the proceeds raised by finders who assisted with the financing and warrants equal to eight percent (8%) of the number of units which are subscribed. The warrants will be exercisable for 18 months from closing at $0.095 per share.
All securities issued on the proposed private placement will be subject to a four month hold period. Not more than 20% of the private placement will be subscribed for by non-arm's length parties. The private placement is subject to TSX Venture Exchange approval. The private placement will not result in a change of control of Aldrin.
ON BEHALF OF THE BOARD
Johnathan More, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.