/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, Feb. 14, 2013 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM)
("Aldridge" or the "Company") is pleased to announce that it has closed
its previously announced underwritten private placement financing (the
"Offering"). The Company issued a total of 22,105,082 common shares at
a price of $0.475 per common share for gross proceeds of approximately
$10.5 million. In addition, as previously announced, the Company has
been advised by ANT Holding Anonim Sti ("ANT") that ANT intends to
subscribe for and purchase an additional 9,534,737 common shares of the
Company on a private placement basis at a price per share of $0.475,
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. The Offering was led by Dundee Securities Ltd. as sole
In connection with the Offering, Mavi Investment Fund Ltd. ("Mavi"),
which, following completion of the Offering, owns approximately 19.6%
of the outstanding common shares of the Company, has been granted the
right to nominate one individual for election to the Board of Directors
of the Company for so long as Mavi owns at least 9% of the outstanding
common shares of the Company. Aldridge is pleased to announce that the
initial Mavi nominee, Michael Widmer, has been appointed to the Board
of Directors effective immediately.
Michael Widmer is a shareholder of HOTS-Invest AG. Founded in 2003,
HOTS-Invest AG focuses on institutional investment management and
private banking. Mr. Widmer is also a director of Monterosa Services
AG, Monterosa Transaction Support Services Pvt Ltd, and Monterosa Asset
Management Ltd. Between 1996 and 2003, Mr. Widmer was founding partner
and manager of TFM Asset Management AG, which specialized in investment
management for private and individual clients. Mr. Widmer lives in
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.
All securities issued under or in connection with the Offering are
subject to a four month hold period expiring June 15, 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.
SOURCE: Aldridge Minerals Inc.
For further information:
President & CEO, Director
Aldridge Minerals Inc.
Director, Investor Relations & Corporate Secretary
Aldridge Minerals Inc.