Adriana Resources Inc. (TSX VENTURE:ADI) reported that the company has closed the second tranche of a non-brokered structured private placement by issuing 4,270,000 flow-through common shares at $0.89 per share for gross proceeds of $3.8 million. All securities issued under the Second Closing will be subject to a four-month hold period expiring on June 6, 2010.

The press release is quoted as saying:

Adriana is currently focused on the advancement of its Lac Otelnuk iron ore deposit located in the Labrador Trough, Nunavik Quebec (the “Otelnuk Property”). The Otelnuk Property is a Lake Superior-type surface exposed iron formation, or taconite, identified over a strike length of approximately 25 kilometers.

Click here to access the entire press release

Click here to access Adriana Resources Corporate Site

Comment

Tweet