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Aldridge raising US$5M to advance Yenipazar land acquisition

Aldridge Minerals Inc. said Ahmet Taçyildiz, chairman and controlling shareholder of ANT Holding Anonim Sti and a director of Aldridge, agreed to a US$5 million, nonbrokered private placement.

The company will issue 33,333,333 common shares at 15 cents apiece to Taçyildiz. Upon closing, Taçyildiz, ANT and its wholly owned subsidiaries will own a total of 66,617,442 Aldridge shares, or about 47.4% in the firm.

However, if Orion Fund JV Ltd. exercises its existing anti-dilution rights prior to the closing of the financing, the stake of ANT and the associated parties would decrease to 46.1%.

The financing is anticipated to close by June 15.

Net proceeds will be used to fund the completion of the land acquisition process for the polymetallic Yenipazar project in Turkey, to advance project development and for general corporate purposes, Aldridge said May 29.