Adroit Resources Inc.: $400,000 Loan Financing Accepted by TSX-V
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/20/10 -- Adroit Resources Inc. (TSX VENTURE: ADT)(FRANKFURT: A7V)(BERLIN: A7V) -
Management is pleased to report that the TSX Venture Exchange has accepted for a convertible loan financing to raise C$ 400,000. The loan has a three year term and is convertible into shares of the Company at the option of the lender at any time during that term at the price of C$ 0.15 per share. The loan will bear interest at 4% per annum and interest will be payable annually in arrears. The Company has the option at term end to convert all or part of any unpaid loan capital and unpaid interest into shares of the Company at the lowest price acceptable to the TSX Venture Exchange, subject to a minimum conversion price of C$ 0.10 per share. In accordance with TSX Venture Exchange policy, 1,600,000 two year non-transferable detachable warrants with an exercise price of C$0.10 per common share will be issued to the lender at the date of the loan advance.
The proceeds from this financing will be used for the repayment of a loan of C$ 250,000 plus C$ 60,000 of interest, the development of minerals properties and general working capital.
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 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 61,679,174 common shares.
On behalf of the Board of Directors
Graeme Rowland, Chairman and President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Adroit Resources Inc.
Graeme Rowland
Chairman and President
(604) 688-3304
(604) 682-6038 (FAX)
info@adroitresources.ca
www.adroitresources.ca
Blackwell Investor Relations
(416) 364-3123
blackwell@tcn.net