Vancouver, British Columbia – October 13, 2009: Dr. Hikmet Akin, President of Aldridge Minerals Inc. (“Aldridge” or the “Company”) is pleased to provide the following corporate update:
The Company has received TSX Venture Exchange acceptance for and has closed the private placement previously announced on September 24, 2009 of 832,330 Units at a price of $1.20 per Unit for gross proceeds of CAD $998,796. Each Unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to acquire one additional common share at a price of CAD $1.50 for a period of 24 months from closing. The securities issued pursuant to the private placement are subject to a four month hold period which expires on February 8, 2010 in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The proceeds from the private placement will be used for general working capital.
Aldridge has engaged Precious Metals Investments Ltd. (“Precious Metals”) to provide investor relations services in Canada and Europe for a one year term. Under the terms of the agreement, Precious Metals has been granted 400,000 stock options exercisable at $1.40 per share and will receive compensation of up to CAD $180,000. The options will vest over 12 months in accordance with the policies of the TSX Venture Exchange.
Mr. Alexander Holtermann of Frankfurt, Germany, has been appointed to the Board of Directors, effective immediately. Mr. Holtermann holds a Master's degree from Frankfurt JWG University and has worked in the financial markets in Germany and across Europe for the past fifteen years. His early career included a Fulbright scholarship and work in the US Senate for Senator Arlen Specter followed by public relations work for the Frankfurt Stock Exchange. Subsequently, he founded Holtermann and Team GmbH, an investor relations company which focused on the introduction of North American and International public companies to the German-speaking media and financial institutions across Europe. Since 1999, Mr. Holtermann has also served as Honorary Consul of Belize in Germany.
The Company has also granted 1,495,000 additional stock options to certain directors, officers, employees and consultants exercisable at $1.40 per share for a period of five years. The options are granted pursuant to the terms of Aldridge’s Amended Stock Option Plan and any common shares issued are subject to a four month hold period in accordance with the policies of the TSX Venture Exchange.
About Aldridge Minerals
Aldridge is mainly focused on mineral opportunities in Turkey where it is conducting an ambitious exploration and development program at its flagship Yenipazar polymetallic VMS project.
The Company has also identified several other prospective opportunities in Turkey and has amassed a large property position where a systematic exploration program is underway.
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.
Neither the 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 release.
Dr. Hikmet Akin,
President and Director
Aldridge Minerals Inc.
1 604 688 8932