Turkey-focused mines developer Aldridge Minerals Inc. (TSX-V:AGM) has unveiled plans to raise up to C$10mln via a private placement of shares to fund the completion of the Yenipazar Project land acquisition process, progress project development and for general corporate purposes.
Aldridge has engaged a syndicate of agents, led by Scotiabank and including Sprott Capital to market the units, on a best efforts basis, which will be comprised of common shares and common share purchase warrants of the company.
The group said existing shareholders holding approximately 41% of the company’s common shares have advised that they intend to participate in the offering.
It said the offering will be priced in the context of the market with the final terms, including the composition of the units, to be determined at the time of pricing.
The closing of the offering is anticipated to occur mid-March.
Story by ProactiveInvestors