Stocks & Investing
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Thu, December 17, 2009
Wed, December 16, 2009
Adriana Announces C$4 Million Flow-Through Financing and New Chairman
TORONTO, ONTARIO--(Marketwire - Dec. 16, 2009) -Adriana Resources Inc. ("Adriana" or the "Company") – (TSX VENTURE:ADI) today announces a non-brokered private placement of flow-through common shares (the "Offering") for gross proceeds of C$4 million, consisting of 4,500,000 flow-through common shares ("Flow-Through Shares") at $0.89 per share. The Offering is subject to TSX Venture Exchange and other customary regulatory approvals. A finder's fee is payable to Wellington West Capital Markets. All securities issued under the Offering will be subject to a four-month hold period.
Proceeds from the Offering will be used by the Company to fund exploration expenditures to increase and upgrade mineral resources on its Lac Otelnuk project in Quebec. The Company will ensure that the entire gross proceeds from the Offering will be spent on Canadian exploration expenses.
Adriana also announces that Mr. Anthony Patriarco, a director and the Company's interim Chairman of the Board, has resigned effective immediately for personal reasons. Mr. Donald Charter has been appointed to the Company's Board of Directors and as Chairman of the Board effective immediately. Mr. Charter is currently the President of 3Cs Corporation, a private consulting and investment company. Mr. Charter previously was a partner at a national law firm where he practiced as a securities lawyer specializing in mergers and acquisitions and was the President and Chief Executive Officer of Dundee Securities Corporation. Mr. Charter is a director of a number of public and private companies including IAMGOLD Corporation, Dundee REIT, Lundin Mining Corp., Great Plains Exploration and Baffinland Iron Mines.
"I would like to thank Mr. Patriarco for his contributions as a member of the Board of the Company. Mr. Patriarco continues to remain a major shareholder and supporter of the Company and its projects. We are thrilled to have Don join our Board as Chairman. I am confident that, with his extensive experience and leadership skills, Mr. Charter will lead the Board in the long term success of the Company" said Mr. Allen Palmiere, Chief Executive Officer of the Company.
Adriana is currently focused on the advancement of its Lac Otelnuk world-class iron ore deposit located in the Labrador Trough, Nunavik Quebec. The Company issued a National Instrument 43-101 compliant Technical Report and Mineral Resource Estimate pursuant to which the following mineral resource estimates were defined for the South Zone of the property:
| Resource Classification for the South Zone of the Property | Tonnes (in Billions) | %Fe Head | DTWR % | % SiO2 | %Fe DTC |
| Indicated | 4.29 | 29.08 | 27.26 | 3.53 | 68.00 |
| Inferred | 1.97 | 29.24 | 26.55 | 3.51 | 68.12 |
A copy of the Report is available under the Company's SEDAR profile available at [ www.sedar.com ]. The Report is subject to the assumptions and conditions set out therein.
ON BEHALF OF ADRIANA RESOURCES INC.
Allen J. Palmiere, President and CEO
Certain information regarding the Company, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties. Without limitation, statements relating to potential mineralization and resources, mining exploration and development, future plans and objectives of the Company and imprecision of mineral resources estimates, are forward looking statements that involve various degrees of risk. Certain important risk factors could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements including, without limitation, changes in the world wide price of mineral commodities and currency fluctuations, general market conditions, the uncertainty of future profitability and access to sufficient capital, risks inherent in mineral exploration, development, construction and mining operations, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, environmental risks, access to labour and services and competition from other companies. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and caution should be exercised on placing undue reliance on forward looking information.
Neither 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 press release.