By Devika Patel
Knoxville, Tenn., Sept. 14 - Adriana Resources Inc. said it will raise C$2.5 million from a non-brokered private placement of stock.
The company will sell 2,272,727 common shares at C$1.10 apiece to Patriarco Holdings Ltd.
The shares will have a four-month hold period.
Upon closing, Patriarco will own approximately 23% of Adriana's outstanding common shares.
Proceeds will be used for development and general working capital.
Adriana is a mineral exploration and development company based in Vancouver, B.C.
| Issuer: | Adriana Resources Inc.
|
| Issue: | Common shares
|
| Amount: | C$2.5 million
|
| Shares: | 2,272,727
|
| Price: | C$1.10
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Patriarco Holdings Ltd.
|
| Pricing date: | Sept. 14
|
| Stock symbol: | TSX Venture: ADI
|
| Stock price: | C$1.00 at close Sept. 13
|
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