Adroit Accepts First Tranche of Financing to Fast Track Projectsadmin
Adroit Resources Inc. Adroit Accepts First Tranche of Financing to Fast Track Projects. Management is pleased to announce that the Company has received agreements for $1,327,237.00 for its up to $3,500,000 non brokered private placement announced in its February 1, 2011 news release and has accepted these agreements as a first tranche in order to fast track its projects. The outstanding balance of the private placement currently remains open.
The funds will be used for the exploration of the Company’s Red Vein Copper/Zinc VMS property in Ontario, its Italian Antimony project and general working capital. Finder’s fees may be paid to arms length parties in accordance with TSX Venture Exchange policy with respect to the private placement.
The Company specifically intends to fast track the results from its soon to be completed reconnaissance diamond drill programme on its cluster of VMS deposits on the Grassy Lake portion of Red Vein and to increase pre-drilling field work for the resource calculation drilling in Italy as announced in the Company’s January 10, 2011 news release.
Subject to TSX Venture approval, the closing of the First Tranche will result in the issue of 6,985,458 common shares and 6,985,458 share purchase three year warrants, each warrant entitles the holder to purchase one common share at a price of $0.25 in the first year, $0.35 in the second year and $0.45 in the last year. Finder’s fees will be paid to arms length parties in accordance with TSX Venture policy