TSX Venture Approval Received for the First Tranche of $140,000 of the Conditionaly Approved up to $500,000 Relief Private Placement
News Release – October 17th, 2013 TSX VENTURE APPROVAL RECEIVED FOR THE FIRST TRANCHE OF $140,000 OF THE CONDITIONALY APPROVED UP TO $500,000 RELIEF PRIVATE PLACEMENT
Vancouver, Canada, October 17th, 2013. Private Placement. Further to the Company’s news releases of August 22nd, 2013 and September 3rd, 2013, management is pleased to report that TSX Venture’s (TSXV) final approval dated October 17th, 2013 has been received for the First Tranche of $140,000 private placement to raise up to $500,000 under the Temporary Relief Measures. The conditionally approved relief private placement allowed for up to 50,000,000 shares at a price of $0.01 per share with 24,625,000, warrants attached to purchase 24,625,000 shares at a price of $0.05 per share when exercised within the first year and at a price of $0.10 when exercised in the second year.
First Tranche approved for $140,000. The First Tranche is for the issue of 14,000,000 shares and 6,625,000 warrants of the private placement. The Chief Executive Officer has invested $7,500 into the Private Placement, is a beneficiary of the private placement under the Excluded Amount measure and is excluded from receiving any warrants from the private placement. The funds are to be used for:
Finders Fees 11,300 Payroll Canada 18,000 Office rent 11,999 Head office costs incl. bank charges 2,679 Office rent and bank charges Italy 5,640 Audit Costs 2012 13,208 Accounting Costs 10,000 TSXV fees 4,687 Filing fees 2,575 Bridge loan repayments (Excluded Amount) 20,000 CEO Expenses, loan repayments and part MAY 12 fees (Excluded Amount) 29,960
The private placement has been approved by the Company's board of directors, excluding those directors that have a direct interest in the private placement.
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 the issue of the 14,000,000 shares for the First Tranche, the issued and outstanding will be 174,957,209 and on completion of the Second Tranche of the 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