Vancouver, British Columbia – January 18, 2010: Dr. Hikmet Akin, President of Aldridge Minerals Inc. (“Aldridge” or the “Company”) is pleased to announce that the Company has closed the first tranche of the non-brokered private placement announced on December 11, 2009. The first tranche consisted of 3,780,000 units at a price of $1.00 per unit (the “Units”). 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 $1.50 for a period of 24 months from closing. The warrants are also subject to an accelerated expiry date if the Company’s common shares close at the price of $2.50 or greater for a period of 30 days, in which case the warrant holder will have a maximum of 30 days thereafter to exercise the warrants. The Company will pay a finder's fee of up to 7% in cash and 3.5% in brokers’ warrants exercisable for 24 months at a price of $1.50 per warrant or in accordance with TSX Venture Exchange (the “Exchange”) policies.
The securities issued pursuant to the private placement are subject to a four month hold period which expires on May 16, 2010 in compliance with the applicable securities laws and the rules of the Exchange.
The Company will close the second and final tranche of the private placement on or before January 25, 2010. The total net proceeds of the private placement will be used for continuing exploration and drill programs on the Company’s mineral properties in Turkey and for general working capital purposes.
The private placement and payment of the finder's fee are subject to approval of the TSX Venture Exchange.
About Aldridge Minerals
Aldridge Minerals Inc. is mainly focused on mineral opportunities in Turkey where the Company is conducting an ambitious exploration and development program at its flagship Yenipazar polymetallic VMS project.
Aldridge 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