Nov 19, 2010 14:10 ET
Adriana Announces Closing of Final Tranche of $10 Million Non-Brokered Private Placement
TORONTO, ONTARIO--(Marketwire - Nov. 19, 2010) - Adriana Resources Inc. ("Adriana" or "the Company") - (TSX VENTURE:ADI) is pleased to announce that it has closed the third and final tranche of its previously announced non-brokered private placement of common shares of the Company ("Common Shares") ("the Private Placement") today by issuing 8,513,513 Common Shares at a price of
.37 per Common Share for gross proceeds of $3,150,000. This brings the total gross proceeds received pursuant to the Private Placement to $10 million and the total number of Common Shares issued pursuant to the Private Placement to 27,027,024. In connection with the Private Placement, the Company will pay a finder's fee in the amount of $560,000.
All securities issued pursuant to the Private Placement will be subject to a four-month hold period from the date of the closing of the tranche pursuant to which they were issued.
Adriana will continue to focus on developing strategic relationships with third parties to advance our Lac Otelnuk Property located in the Labrador Trough, Nunavik, Québec and to maximize the potential of the deep-sea port facility located in the state of Rio de Janeiro, Brazil.
