Adriana Announces Increase and Update on Structured Flow‐through Private Placement Financing
Toronto, Ontario – February 1, 2010 IMMEDIATE RELEASE
ADRIANA ANNOUNCES INCREASE AND UPDATE ON STRUCTURED FLOW‐THROUGH PRIVATE PLACEMENT FINANCING
February 1, 2010 ‐ Adriana Resources Inc. (“Adriana” or the “Company”) ‐ (TSX‐V: ADI) announces that it has increased its previously announced non‐brokered structured private placement of flow‐through common shares (the “Offering”) from approximately C$4 million to approximately C$5 million.
The Company closed the first tranche of the Offering on December 31, 2009 by issuing 1,350,000 flow‐ through common shares at $0.89 per share for gross proceeds of approximately C$1,201,000. The Company expects to close the second tranche of the Offering by issuing approximately 4,270,000 flow‐ through common shares at $0.89 per share‐towards the end of the first week of February subject to TSX Venture Exchange and other customary regulatory approvals. A finder’s fee is payable to Wellington West Capital Markets Inc. All securities issued under the Offering will be subject to a four‐month hold period.
In connection with the Offering, the Company also announces that an existing shareholder of the Company who holds over 10% of the Company’s outstanding common shares (the “Shareholder”) will be selling a total of 4,270,000 common shares to an arm’s length third party. The Shareholder will subsequently be purchasing 4,270,000 common shares issued in connection with the Offering.
Adriana is currently focused on the advancement of its Lac Otelnuk world‐class iron ore deposit located in the Labrador Trough, Nunavik Quebec. Proceeds from the Offering will be used by the Company to fund exploration expenditures to increase and upgrade mineral resources on its Lac Otelnuk project.
For more information, contact:
Daniella Dimitrov ([email protected]) at (416) 363‐1859 or visit the Company's website at www.adrianaresources.com.
ON BEHALF OF ADRIANA RESOURCES INC.
“Allen J. Palmiere”
President and CEO
Certain information regarding the Company, including the Company’s plans to increase and upgrade mineral resources and management's assessment of future plans and operations, may constitute forward‐looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties. Without limitation, statements relating to potential mineralization and resources, mining exploration and development, future plans and objectives of the Company and imprecision of mineral resources estimates, are forward looking statements that involve various degrees of risk. Certain important risk factors could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements including, without limitation, changes in the world wide price of mineral commodities and currency fluctuations, general market conditions, the uncertainty of future profitability and access to sufficient capital, risks inherent in mineral exploration, development, construction and mining operations, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, environmental risks, access to labour and services and competition from other companies. As a consequence, actual results may differ materially from those anticipated in the forward‐looking statements and caution should be exercised on placing undue reliance on forward looking information.
Neither 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 press release.