VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 27, 2008) - Adroit Resources Inc. (TSX VENTURE:ADT)(FRANKFURT:A7V)(BERLIN:A7V) -
Financing Progress - On May 1, 2008 the Company announced that it had completed a non-brokered private placement, selling 5,013,962 units at the price of $0.20 per unit, to raise gross proceeds of $1,002,792.50. Of that private placement, $500,000 was subscribed by a private fund in Europe which experienced difficulties with its own funding sources at the time of closing. That fund did pay $100,000 of its subscription and advised that the balance would follow shortly. On September 26, 2008 the Company announced that it had completed a non-brokered private placement, selling 3,625,000 units at the price of $0.20 per unit, to raise gross proceeds of $725,000. Of that private placement, $600,000 was subscribed by a different private fund in Europe which has also experienced a delay in its own funding. Both funds say they are continuing to diligently pursue their own funding sources to allow them to complete their financing obligations. They have not reneged on their subscription. Company management is in regular contact with the funds and has been anticipating receipt of the balance of the funding week by week. The Company does not intend to cancel either of the subscriptions until and unless it becomes certain that the subscribing fund will not be able to complete, as any replacement financing would be done at a significantly lower price given current market conditions. The Company has not released any securities to either fund and is therefore in a position to return the relevant securities to treasury if either funding does not complete. Consequently, the Company has recorded the outstanding balance of the subscriptions as "subscriptions receivable" in its financial records and has added a note relating to its outstanding share capital. The Company will announce further developments regarding these matters as they occur.
Adroit Resources is a mineral exploration company that is currently exploring for Gold, Silver and Antimony in Central Italy and diamonds, precious and base metals in the Temagami/Cobalt and Bancroft areas of Ontario, Canada and oil and gas in Texas, USA. In addition, Adroit is seeking new precious and base metal projects and oil and gas prospects to add to its expanding portfolio. The Company's issued and outstanding share capital is 45,256,537 common shares.
On behalf of the Board of Directors:
Graeme Rowland, Chairman and President
FOR FURTHER INFORMATION PLEASE CONTACT:
Adroit Resources Inc.
Graeme Rowland
Chairman and President
(604) 688-3304
(604) 682-6038 (FAX)
Email: info@adroitresources.ca
Website: www.adroitresources.ca and www.goldseiten.de
Blackwell Investor Relations
(416) 354-3123
Email: blackwell@tcn.net
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
