Aldrin Resource Corp. announced the closing of its private placement financing for 11,973,500 units which were priced at US$0.08 per unit. The private placement was established to raise the company's gross proceeds of US$957,880. The company announced that the net proceeds from the private placement will be used in the completion of the phase 1 of an exploration program. The company will also used the proceeds for option payments for the newly acquired Triple M Property, and will also be used for general working capital. Aldrin Resource Corp said that the closing of the Triple M Property acquisition transpired at the same time as with closing of the private placement. Both the private placement and the acquisition received final approval from the TSX Venture Exchange.
Aldrin also issued 12,500,000 common shares as a partial consideration of its option on the Triple M Property. This included 588,680 brokers' warrants which are exercisable at US$0.18 per share. An additional 1,052,500 common shares were issued as a finder's fee for the Triple M Property acquisition.
The Triple M Uranium property is situated in the Paterson Lake Area of Saskatchewan inside the Athabasca Basin.
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