Offering funds exploration, development of Adroit's mineral properties
By Devika Patel
Knoxville, Tenn., Feb. 1 - Adroit Resources Inc. said it plans a private placement of units. The deal is slated to raise C$3.5 million.
The company will sell 18,421,052 units at C$0.19 apiece. The units consist of one common share and a warrant, with each three-year warrant exercisable at C$0.25 in the first year, at C$0.35 in the second and at C$0.45 in the third. The strike prices are a 3.85% discount and 34.62% and 73.08% premiums to the Jan. 31 closing share price of C$0.26.
Proceeds will be used for exploration of the company's Red Vein Copper/Zinc property in Ontario, its Italian Antimony project, development of mineral properties and general working capital.
Vancouver, B.C.-based Adroit explores and develops gold, silver, base metal and diamond properties in central Italy and Ontario, Canada.
| Issuer: | Adroit Resources Inc.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | C$3.5 million
|
| Units: | 18,421,052
|
| Price: | C$0.19
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike prices: | C$0.25 in the first year, C$0.35 in the second, C$0.45 in the third year
|
| Pricing date: | Feb. 1
|
| Stock symbol: | TSX Venture: ADT
|
| Stock price: | C$0.26 at close Jan. 31
|
| Market capitalization: | C$15.42 million
|
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