Claim Block Acquisition and Closing of Second Tranche of Financing
News Release – November 20th, 2013 CLAIM BLOCK ACQUISITION AND CLOSING OF SECOND TRANCHE OF FINANCING
Vancouver, Canada, November 20th, 2013. Management is pleased to report that it has entered into an agreement to purchase a 100% interest in a claim of 15 claim units, contiguous to the Company’s property in Red Vein, Ontario in consideration of 40,000 common shares in the Company, which are subject to a four month trading hold period and subject to the transaction being accepted by the TSX Venture Exchange.
This acquisition will further extend the Company’s land position in the area to over 400 km2. This will also consolidate the Company’s large and highly prospective, strategic land package along the Larder Lake fault, between the Young Davidson Mine and the Côté Lake deposit. IAMGOLD has recently updated its National Instrument 43-101 indicated resource estimate on Côté Lake, increasing it by 274%. The Indicated Resource is 131 million tonnes averaging 0.84 grams of gold per tonne for 3.56 million ounces (IAMGOLD, News Release 4, October, 2012).
Further to the news releases of Aug.22th, 2013, Sept. 3rd, 2013, Oct.17th, 2013, Oct.25th, 2013 & Nov.1st, 2013, Management is pleased to announce that the Company has now closed the second tranche of its Temporary Relief Measure Non-Brokered Private placement. Approved under the second tranche, is a $20,000 placement for 2,000,000 shares, at a price of $0.01 per share with 1,000,000 warrants attached to purchase 1,000,000 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. The aggregate amount raised in the private placement was $160,000.
Finder’s fees of $2,000 are payable in connection with the second tranche private placement in accordance with the policies of the TSX Venture Exchange.
Dr. Mark Fedikow, PhD., P.Eng, PGeo C.P.G, a Qualified Person under the guidelines of National Instrument 43- 101, has reviewed and approved the geological information contained in this news release.
Adroit Resources Inc. is a mineral exploration company currently exploring for Gold, Silver and the strategic metal Antimony in Central Italy and diamonds, precious and base metals in the Timmins South/Shinning Tree/Temagami/Cobalt and Bancroft areas of Ontario, Canada. Following the closing of the second tranche of its private placement, the Company has 175,957,209 shares issued and outstanding. Upon completion of the acquisition the Company’s issued and outstanding will be 175,997,209.
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.