Private Placement Agreed to Raise up to $500,000 and Status Report
News Release – August 22nd, 2013 PRIVATE PLACEMENT AGREED TO RAISE UP TO $500,000 AND STATUS REPORT
Vancouver, Canada, August 22nd, 2013. Private Placement. Management reports that the Company has agreed to raise up to C$500,000 in a new private placement. The new financing is comprised of up to 100 units at C$5,000.00 per unit, for gross proceeds of up to C$500,000. Each unit will be comprised of five hundred thousand (500,000) common shares and two hundred and fifty thousand (250,000) two year, transferable, purchase warrants. Each warrant entitles the purchaser to purchase one common share at a price of C$0.05 per share in the first year and at price of C$0.10 in the last year.
The Private Placement is being offered under the terms of the TSX Venture Exchange Temporary Relief provisions and completed subscription agreements are required to be received by the Company by close of business on Thursday, August 29th, 2013.
The funds are for use in the maintenance and preservation of the Company’s existing business and for general working capital.
The new private placement is subject to regulatory approval. A finder’s fee may be payable in connection with this private placement in accordance with the policies of the TSX Venture Exchange.
Short Status Report:
Italy: The Company is currently in discussions with a number of interested parties with a view to entering into a joint venture or co-operation agreements for parts of its Italian project with parties with differing objectives; some for Gold and the others for Antimony. Following a meeting last month in Florence with management, the President of Tuscany Region’s office have confirmed their willingness to chair political, authority and technical meetings with a view to smoothing the way forward to the re-commencement of metal mining in the Region.
Canada: The Company’s exploration plans are on hold due to market conditions and the Company’s flagship 198 sq km property, with two NI 43-101 reports, has more than two years of good standing assessment work filed. Before the down turn, there were several parties interested in possible joint ventures and this interest is likely to resurface once market conditions improve.
Financial Prudence: Commensurate with the need to survive until the next up turn, staffing has been reduced to a bare minimum, all incentive options cancelled and overheads reduced with the directors and senior management working without cash payment.
Adroit Resources Inc. is a mineral exploration company that is currently exploring for antimony, gold and silver in Central Italy and precious and base metals in the Timmins, South/Shining Tree/Temagami/Cobalt and Bancroft areas of Ontario, Canada. The Company currently has 159,957,209 shares issued and outstanding. On completion of this private placement, the Company’s issued and outstanding shares will be up to 209,957,209.
On behalf of the Board of Directors,
Graeme Rowland
Chairman and President
Adroit Resources Inc. 510 – 1190 Melville Street, Vancouver, B.C., V6E 3W1 (604) 688-3304 [email protected] web site: www.adroitresources.ca
Blackwell (Corporate Advisor)
(416) 364-3123 [email protected]
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