12 Day Completion Extension Granted by TSX Venture for Relief Private Placement to Raise up to $500,000
News Release – September 27, 2013 12 DAY COMPLETION EXTENSION GRANTED BY TSX VENTURE FOR RELIEF PRIVATE PLACEMENT TO RAISE UP TO $500,000
Vancouver, Canada, September 27th, 2013. Relief Private Placement to raise up to $500,000. Management is pleased to report that the TSXV has granted a 12 day extension to their 30 day completion deadline.
The Company’s news release of September 3rd, 2013 reported that TSX Venture (TSXV) conditional approval dated August 30th, 2013 had been received to raise up to $500,000 under the Temporary Relief Measures and the Company deadline for subscription agreements to be received was set as September 26th, 2013.
The new deadline for the receipt of subscription agreements and subscription funds is 12.00 pm Pacific Standard Time on Friday October 11th, 2013.
The conditional approval is for the private placement of 50,000,000 shares at a price of $0.01 per share with 24,000,000 warrants attached to purchase 24,000,000 shares at a price of $0.05 per share if exercised within the first year and at a price of $0.10 if exercised in the second year. The private placement is to be done in two tranches:
First Tranche for $140,000. The First Tranche is for the issue of 14,000,000 shares and 6,000,000 warrants of the private placement and is in respect of subscription agreements already been received by the Company. The funds are primarily to be used for head office costs including accounting, audit and preparation for the Company’s Annual General Meeting. The Company is required to file its annual accounts by September 28th, 2013 to remain in compliance. The annual accounts were filed on September 26th, 2013. The First Tranche is subject to final acceptance by the TSXV.
Second Tranche for up to $360,000. The Second Tranche is for the issue of 36,000,000 shares and 18,000,000 warrants of the private placement. To ensure the timely completion of the Private placement, the Company has set a new deadline of 12.00 pm Pacific Standard Time October 11th, 2013 for the receipt of subscription agreements and subscription funds for the Second Tranche. The funds are primarily to be used for preserving and maintaining all or part of the existing business of the Company. The Second Tranche is subject to final acceptance by the TSXV.
President’s Comments: “I am delighted with the TSXV’s grant of the 12 day completion deadline in response to shareholders’ and potential investors’ requests for time to review the Company’s annual financials before deciding to invest.”
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
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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