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Adriana Resources Inc.

Published : December 17th, 2009

Announces C$4 Million Flow-Through Financing and New Chairman

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Adriana Announces C$4 Million Flow-Through Financing and New Chairman

Adriana Resources Inc. ("Adriana" or the "Company") -- (TSX-V: 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.

For more information, contact Linear Capital Corp. Lenny Foreht (lforeht@linearcapital.com) or John Lewis (jrlewis@linearcapital.com), (416) 364-2266 / toll free (877) 954-6327, or Robert Ferguson (rferguson@adrianaresources..com) at + 1 (604) 629-0250 / toll free +1 (877) 629-0150, or Connie Dos Santos (cdossantos@adrianaresources.ca) at (416) 363-1308 or visit the Company's website at www.adrianaresources.com.

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.

You can also view this News Release on our website at:
http://www.adrianaresources.com/s/NewsReleases.asp?ReportID=377438


Suite 1580, One Bentall Centre
505 Burrard Street, Box 72
Vancouver, BC
Canada V7Y 1C6

Telephone: 604.629.0250
Fax: 604.629.0923
Toll Free: 877.629.0150
Email:
info@adrianaresources.com


(TSX-V: ADI)


Dec 16, 2009: News Releases: Adriana Announces C$4 Million Flow-Through Financi... (more...)

Nov 27, 2009: News Releases: Adriana Announces Update on Port Project and its I... (more...)

Nov 24, 2009: News Releases: Adriana Announces Management and Board Changes (more...)

Oct 13, 2009: News Releases: Adriana Provides Update on Permitting Process for ... (more...)

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Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Adriana Resources Inc.

EXPLORATION STAGE
CODE : ADI.V
ISIN : CA00735P1062
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Adriana Res. is a iron development stage company based in Canada.

Adriana Res. holds various exploration projects in Brazil, in Canada and in Finland.

Its main exploration properties are MUSTAVAARA in Finland, BRAZORE LTDA and MACKENZIE IGNEOUS EVENT in Brazil and UNAD JV in Canada.

Adriana Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 4.7 millions as of today (US$ 3.8 millions, € 3.3 millions).

Its stock quote reached its highest recent level on May 05, 2006 at CA$ 2.03, and its lowest recent point on July 15, 2022 at CA$ 0.03.

Adriana Res. has 157 554 238 shares outstanding.

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Annual reports of Adriana Resources Inc.
2008 Annual Report
Annual Report 2007
Financings of Adriana Resources Inc.
5/22/2011Continues Negotiations
2/15/2011Announces Signing $28 Million Private Placement With WISCO
12/31/2009Announces Flow-Through Private Placement Closing
12/17/2009Announces C$4 Million Flow-Through Financing and New Chairma...
11/15/2007Announces $30 Million Private Placement
Option Grants of Adriana Resources Inc.
9/18/2009Engages Investor Relations Specialists & Grants Incentive St...
8/19/2009Grants Incentive Stock Options
6/16/2009Grants Incentive Stock Options
6/26/2008Grants Incentive Stock Options
Nominations of Adriana Resources Inc.
4/9/2013The Company Appoints a Director, Metallurgical
3/11/2013Announces Resignation of a Director of the Company
2/4/2013The Company Appoints a Director, Environment and Sustainabil...
7/20/2009Appoints Allen J. Palmiere to Board of Directors
11/20/2008Appoints Director of Port Development for Brazil Operations
6/25/2008Appoints Joseph Fodor as Executive Vice President
5/16/2008Appoints Michael Petrina Vice President Operations
4/2/2008Appoints Paul Yeou to the Board of Directors
Project news of Adriana Resources Inc.
10/23/2013(Lac Otelnuk)The Company Awards Feasibility Study Contract for Lac Otelnu...
8/15/2013(Lac Otelnuk)on Corporate Position And Progress on Lac Otelnuk Project
10/22/2012(Lac Otelnuk)Provides Project Update for Lac Otelnuk
3/20/2011(Lac Otelnuk)Announces Assay Results
1/17/2011(Lac Otelnuk) Adriana Announces Strategic Partnership with WISCO
2/12/2009(Lac Otelnuk)Confirms Lac Otelnuk Iron Deposit Over 22.5 Square Kilometre...
1/29/2009(Lac Otelnuk)Commences Resource Estimate at Lac Otelnuk Iron Project
11/25/2008(Lac Otelnuk)Completes 2008 Exploration Program At Lac Otelnuk Iron Proje...
7/9/2008(Lac Otelnuk)Drills 1,730 Meters at Lac Otelnuk; Completes Geophysics on ...
6/4/2008(Lac Otelnuk)Commences 2008 Diamond Drill Program on the Company's 100% O...
5/29/2008Reaches Milestone in Brazil Port Permitting
4/3/2008(Lac Otelnuk)Reports Results at Lac Otelnuk - Drills 95.8m of 30.4% Fe
2/19/2008(Lac Otelnuk)Announces Update on Lac Otelnuk Drill Program
1/10/2008(Brazore Ltda) Completes Purchase of Brazilian Port Land; Achieves First P...
Corporate news of Adriana Resources Inc.
5/30/2016Adriana Files Financial Statements for the Quarter Ended Mar...
5/9/2016Adriana Provides Shareholder Update
4/1/2016Adriana Announces Change Of Director And Change Of CFO
3/31/2016Adriana Announces Change of Director and Change of CFO
2/26/2016Adriana Files Annual Financial Statements Ended December 31,...
1/4/2016Adriana Funds the Lac Otelnuk Joint Venture beyond 2020
11/6/2015Adriana Files Third Quarter Financial Statements Ended Septe...
8/6/2015Adriana Files Second Quarter Financial Statements ended June...
4/23/2015Adriana announces that it has filed a NI 43-101 Technical Re...
4/23/2015Adriana announces completion of the Feasibility Study on the...
4/22/2015Adriana Announces Completion of the Feasibility Study on the...
3/6/2015Vista Partners Publishes March 2015 Macroeconomic & Investme...
2/26/2015Adriana Files Financial Statements for the Year Ended Decemb...
2/6/2015Vista Partners Publishes February 2015 Macroeconomic & Inves...
11/6/2014Adriana Files Third Quarter ended September 30, 2014
10/21/2014Adriana Announces its Participation in Feasibility Study for...
9/18/2014Adriana Grants Incentive Stock Options
8/8/2014Adriana Files Second Quarter Ended June 30, 2014
7/3/2014Vista Partners Publishes July 2014 Macroeconomic & Investmen...
6/17/2014Adriana Grants Incentive Stock Options
5/8/2014Adriana Announces Results of the Financial Quarter ended Mar...
4/4/2014Vista Partners Publishes April 2014 Macroeconomic & Investme...
10/30/2013Announces Completion of Mineral Resource Estimate
4/13/2011(Lac Otelnuk)Announces Positive Preliminary Economic Assessment on Lac Ot...
1/25/2011Adriana Res. announces grant of 947.500 incentive options at...
12/1/2009BNN - Chinese Demand For Iron Ore - Interview with Adriana C...
11/25/2009Announces Management and Board Changes
8/17/2009Announces Approval Of Amended Arcelormittal Convertible Debe...
7/24/2009Enters into Memorandums of Understanding with a Major Chines...
6/1/2009ArcelorMittal Extends Port Agreement with Adriana
3/9/2009& Stock Research Portal
1/6/2009Arcelormittal Extends Port Agreement with Adriana
11/12/2008Goldbard Cancels Agreement to Acquire MIE Metals Corp.
11/5/2008Iron sector hit by global slowdown
9/12/2008Closes $10 Million Financing
9/10/2008Goldbard Enters Agreement to Acquire MIE Metals Corp.
8/25/2008featured in the Globe and Mail
8/20/2008Partners With ArcelorMittal
8/11/2008Announces $2 Million Financing
7/2/2008We're Moving!
6/20/2008featured in Global Mining Finance
5/9/2008 Shareholders Approve Shareholder Rights Plan
5/9/2008Announces Dr. Anthony Patriarco Joins Board of Directors
4/8/2008 Adopts Shareholder Rights Plan
3/25/2008 Acquires Labrador Trough Iron Prospect
2/20/2008 Signs Letter of Intent with Makivik Corporation
2/14/2008Announces Brazilian Iron Ore Focus and Project Spin-Out
1/15/2008 Announces Conversion of Convertible Debentures
11/22/2007 Closes First Tranche of $30 Million Financing; Exercises Po...
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TSX-V (ADI.V)OTHER OTC (ANARF)
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