Adrian Arranges C3.5 Million Brokered Private Placement.Business Editors VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--June 13, 2002 Adrian Adrian, Roman emperor Adrian, Roman emperor: see Hadrian. Adrian, city, United States Adrian, city (1990 pop. 22,097), seat of Lenawee co., SE Mich., on the Raisin River; inc. 1836. Resources Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :ADL) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ADRRF) ("Adrian") is pleased to report that it has, subject to regulatory and shareholder approval, arranged a brokered private placement of 23,333,333 units at a price of $0.15 per unit to generate gross proceeds of $3,500,000. Each unit will consist of one common share of the Company and one half warrant, every full warrant entitling the purchase of an additional common share of the Company at a price of $0.25 per share for a period of two years. Canaccord Capital Corp. ("Canaccord") has agreed to act as of the Company's agent in respect of this placement and will receive a commission of 10% of the gross proceeds and a broker's warrant entitling the purchase of up to 2,333,333 shares of the Company at a price of $0.25 per share for a period of two years. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from this private placement will be used primarily to fund the Company's obligations with respect to its Petaquilla property and the costs of exploration of other gold and base metal exploration properties in Panama. On behalf of the Board of Directors of ADRIAN RESOURCES LTD. Chet Idziszek, President No stock exchange has approved or disapproved of the information contained herein. |
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