Aldridge Minerals Closes Previously Announced Non-Brokered Financing
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES/
TORONTO, Feb. 22, 2013 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM)
("Aldridge" or the "Company") is pleased to announce that it has closed the
non-brokered portion of its previously announced financing (the "Offering").
The Company issued a total of 9,534,737 common shares on a private placement
basis at a price of $0.475 per common share and 222,463 special warrants to
ANT Holding Anonim Sti ("ANT") for gross proceeds of approximately $4.5
million. Each special warrant entitles the holder to purchase one common share
of the Company at a price of $0.475 per common share for a period of 24
months. ANT purchased the common shares and received the special warrants
pursuant to the exercise of pre-emptive rights held by ANT that entitle it to
maintain its pro rata interest in the Company in certain circumstances. By
exercising its rights, ANT has maintained its ownership of 30.1% of the
outstanding common shares of the Company.
The net proceeds of the financing will be used to advance the exploration and
development of the Company's Yenipazar property in central Turkey and for
general working capital purposes. The Company may pay a finder's fee of up to
$226,500 to an arm's length Turkish-based party.
All securities issued under or in connection with the Offering are subject to
a four month hold period expiring June 23, 2013.
The securities offered have not been, nor will they be registered under the
United States Securities Act of 1933, as amended, or state securities laws and
were not offered or sold within the United States or to, or for the account or
benefit of, U.S. persons absent U.S. federal and state registration or an
applicable exemption from the U.S. registration requirements. This release
does not constitute an offer for sale of securities in the United States.
Aldridge is a near development stage mining company focused on advancing its
Yenipazar gold and polymetallic VMS deposit (Ag, Cu, Pb, Zn) in Turkey - a
country that is committed to developing its natural resources and is rapidly
emerging as an economic powerhouse. Aldridge is currently in the final stages
of completing the Yenipazar feasibility study, which we expect to deliver in
March 2013. The Yenipazar project is subject to an earn-in agreement with
Alacer Gold Corp., wherein Aldridge can earn a 100% working interest subject
to certain conditions, subject to a 6% net profit interest ("NPI", revenues
less operational costs) until revenues of US$165 million are generated, and a
10% NPI from there on.
Additional information and corporate documents may be found on www.sedar.com
and the Aldridge website, www.aldridgeminerals.ca.
Caution Regarding Forward-Looking Information
This news release includes certain forward-looking statements within the
meaning of Canadian securities laws. Forward-looking statements involve risks,
uncertainties and other factors that could cause actual results, performance,
prospects and opportunities to differ materially from those expressed in such
forward-looking statements. Forward-looking statements in this news release,
include, but are not limited to failure to satisfy any of the conditions to
completion of the Offering, economic performance and future plans and
objectives of Aldridge. Any number of important factors could cause actual
results to differ materially from these forward-looking statements as well as
future results. Although Aldridge believes that the assumptions and factors
used in making the forward-looking statements are reasonable, undue reliance
should not be placed on these statements, which only apply as of the date of
this new release, and no assurance can be given that such events will occur in
the disclosed timeframes or at all. Aldridge disclaims any intention or
obligation to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.
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.
Mario Caron President & CEO, Director Aldridge Minerals Inc. (416) 477-6985
David Carew Director, Investor Relations & Corporate Secretary Aldridge
Minerals Inc. (416) 477-6984 firstname.lastname@example.org
SOURCE: Aldridge Minerals Inc.
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