Vancouver, British Columbia, Canada. Further to its news release dated November 3, 2008, Aldridge Minerals Inc. (“Aldridge” or the “Company”) announces that it has closed the private placement of 758,500 units at a price of $2.75 per unit for total gross proceeds of CAD $2,085,875. Each unit consists of one common share and one share purchase warrant entitling the holder to acquire one additional common share at a price of CAD $3.40 for a period of 24 months from closing. The Company will pay a finder's fee up to 10% of the gross proceeds of this financing to Advice Portfolio Management GmbH in accordance with Exchange policies.
The securities issued pursuant to the private placement are subject to a four month hold period which expires on March 20, 2009 in compliance with the applicable securities laws and the rules of the TSX Venture Exchange. Proceeds from the offering will be used to for general working capital and to further Aldridge’s exploration drilling activities. The offering did not result in a change of control. Final TSX Venture Exchange approval has been obtained for the private placement and payment of the finder's fee.
About Aldridge Minerals
Aldridge Minerals Inc. is wholly focused on mineral opportunities in Turkey where the Company is conducting an ambitious exploration and development program at its flagship Yenipazar polymetallic VMS project. The updated resource calculation (see news release dated September 15, 2008) is to be followed by a Preliminary Economic Assessment (“PEA”). The PEA is subject to the progress in data compilation for open pit and plant construction, and in metallurgical testing.
Aldridge has also identified several prospective nickel and uranium opportunities in Turkey and has amassed a large nickel property position where a systematic development program has commenced.
On behalf of the Board of Directors
DR. HIKMET AKIN
President and Director
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company’s expectations and projections.
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.