AldrinResource Corp. said May 9 that it will raise up to C$1.75 millionto fund drilling at its Triple M uranium property in Saskatchewan, Canada.

The company will issue up to 17.5 million units in a privateplacement at 10 Canadian cents per unit comprising 1 common share and a warrant.

A warrant will be exercisable for one year to an additionalcommon share at 18 cents apiece.

In addition, Aldrin will settle C$120,000 of outstandingdebts with certain creditors by issuing 1.2 million common shares at a deemedprice of 10 cents per share.