Saskatoon, Saskatchewan, Canada. Aldridge Minerals Inc. ("Aldridge") (Frankfurt WKN: A0CAPB, TSX.V: AGM) is pleased to announce that it has completed the non-brokered private placement offering previously announced on November 22, 2005.
The offering consisted of a total of 1,175,756 units, at a price of Cdn$1.10 per unit, for gross proceeds of Cdn$1,293,331.60. Each unit is comprised of one common share of Aldridge and one common share purchase warrant. Each warrant entitles the holder thereof, on exercise, to purchase one common share for a two year period following the date of issue at a price of Cdn$1.29. Aldridge will pay a finder's fee to Eckard Kirsch and Hartmut Thome (the "Agents"), in an aggregate amount equal to 10% of the number of units issued under the private placement, for an aggregate of 117,576 units. The proceeds from the offering will be used by Aldridge for general corporate and working capital purposes and for Aldridge's continuing mineral exploration activities.
All securities issued pursuant to the private placement, including those issued to the Agents in satisfaction of the finders' fee, are subject to a four-month hold period expiring June 2, 2006.
While conditional acceptance has been obtained from the TSX Venture Exchange, final acceptance of the private placement, including the pricing, will be subject to a further review by the TSX Venture Exchange.
Aldridge is a gold and base metal exploration and development corporation with exploration projects in Turkey.
On behalf of the Board of Directors
Hikmet Akin, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information please contact:
Aldridge Minerals Inc.
Dr. Martin Oczlon, Exploration Manager
Suite 204, 3540 West 41st Avenue
Vancouver, BC, V6N 3E6
Fax +1 (604) 687-4709
Advice Portfolio Management GmbH
Hartmut Thome, Investor Relations
Phone +49 (6227) 8395-0
Fax +49 (6227) 8395-70