Adriana Closes First Tranche of $30 Million Financing; Exercises
Port Option Agreement
Adriana
Resources Inc. (the "Company" or "Adriana") -- TSX-V:
ADI announces the closing of the $20
million non-brokered portion of the private placement announced on November
14, 2007. The first tranche of the private placement consists of 18,181,817
common shares at $1.10 per share issued to five strategic investors,
including WorldLink (Canada) Resources Ltd. ("WorldLink"). The
Company gave notice today to exercise its option to acquire 857,575 square
metres of contiguous shoreline land in Brazil for development of an iron
ore port facility held by the Company's 75% owned subsidiary, Brazore
Holdings Ltd., as announced on August 22, 2007. The proceeds of the $20
million private placement are currently in Brazilian escrow and will be
released on delivery of title of the lands representing the port site.
In connection with the private placement, a finder's fee was paid in the
amount of 909,090 common shares at a deemed price of $1.10 per share,
representing 5% of the gross proceeds raised.
As a result of closing this private placement, Mr. Jian Ming Jimmy Wen, the
principal of WorldLink, indirectly owns approximately 14% of the
outstanding common shares of the Company, which deems him an insider of the
Company. As Mr. Wen's investment is subject to approval by the TSX Venture
Exchange (the "Exchange"), he may be required to divest all of
holdings in the Company should Exchange approval not be forthcoming. The
common shares issued in connection with this private placement are subject
to a four-month hold period in accordance with applicable securities laws,
expiring on March 17, 2008.
The Company stated its intention to raise a total of $30 million by private
placement. The $10 million balance is expected to be raised through a
brokered private placement and details will be provided by a subsequent
news release.
Proceeds of this private placement will be used to make the final payment
on the acquisition of the Brazil port site, estimated at $18 million plus
applicable property transfer taxes, and for advanced engineering and design
of the iron ore port facility, procurement of equipment and vessels,
property investigation for iron ore sources in Brazil, as well as general
working capital.
About Adriana Resources Inc.
Adriana's goal is to become an integrated iron ore producer in Brazil
through continued development of its iron ore port facility and through
potential acquisition of iron ore mineral resources. Adriana has mineral
exploration projects in Nunavut, Canada, an advanced iron ore project in
Quebec, Canada and is advancing an iron-vanadium development project in
Finland. The individuals comprising Adriana's Board have a proven
record in identifying and successfully developing mineral deposits through
to production.
For more information, contact Robert Ferguson at (604) 629-0250 or toll
free at 1-877-629-0150 or visit the Company's website at
www.adrianaresources.com.
ON BEHALF OF ADRIANA RESOURCES INC.
"Michael J. Beley"
President
This release includes certain
statements that may be deemed "forward-looking statements". All
statements in this release that address future financings are
forward-looking statements. Investors are cautioned that any such
statements are not guarantees of future performance and that actual results
or developments may differ materially from those projected in the forward
looking statements. The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this release.
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Suite 1818 - 701 West Georgia St
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)
Nov 22, 2007: News Releases: Adriana Closes First Tranche
of $30 Million Financ... >Read More
Nov 14, 2007: News Releases: Adriana Announces $30 Million
Private Placement >Read More
Oct 19, 2007: News Releases: Adriana Signs Proposal for
Iron Ore Port Design an... >Read More
Oct 17, 2007: News Releases: Adriana Announces Closing of
$5 Million Financing >Read More
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