VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 8, 2008) - Adroit Resources Inc. (TSX VENTURE:ADT)(FRANKFURT:A7V)(BERLIN:A7V) -
Financing Progress. Adroit has agreed (further to its June 13, 2008 news release) with Treuinvest Treuhand Investitions GmbH ("Treuinvest") that the target gross raise by Treuinvest will be increased from Euro 20 million to Euro 24 million, thereby increasing the debt financing of Adroit from Euro 17.2 million to Euro 20.64 million. However, due to world market conditions, Treuinvest intends to make a series of prospectus offerings. Each prospectus will be for a gross raise of up to Euro 8 million. The first prospectus offering, which will be conducted by Treuinvest Energy Fund I (the "Fund") under the management of Treuinvest as managing partner, will raise funds primarily for funding Adroit's expansion into the oil & gas sector. Each subsequent prospectus is planned to be launched within 60 days from the closing of the prior prospectus. Loan maturity dates have been agreed as October 31, 2014 for the first prospectus and six years from the launch date of subsequent prospectuses.
A successful first offering by the Fund will provide Adroit with more than C$10 million at current exchange rates. The annual rate of interest for the first prospectus loan to Adroit has been increased from 17.3854% to 18.75% to improve the marketability of this first offering. The Fund's recourse remains limited as previously announced.
The Fund's initial prospectus is in the final stages of preparation and is expected to be submitted to BaFin, the German Federal Financial Supervisory Authority, later this month.
Issuing House. Additionally, Adroit has acquired for a nominal amount a 45% interest in Treuinvest Fonds GmbH (Fonds), which owns 100% of Treuinvest. Adroit took that step to ensure that Treuinvest would be able to secure the services of Mr. Bjorn Denhard following the election of Mr. Sunil Joseph to the board of directors of Adroit at its September 5, 2008 Annual General Meeting. Mr. Joseph could not remain involved in Treuinvest and sit as a director of Adroit due to the fact that Treuinvest will manage the Fund and the Fund's offerings going forward. Mr. Denhard has become the sole managing director of Treuinvest, replacing Dr. Frank Perrit and Mr. Joseph.
Mr. Bjorn Denhard, Dipl.-Kfm. (Business Degree from Nuremberg University), studied business economics in Germany and Bradford (UK). After his studies he worked for KPMG for two years in auditing. He was a CFO of listed companies and is now CEO of privately held companies in Germany and the UK. He is experienced in preparing IPOs and closing private placements.
Mr.
