DNA-T
Dalradian Announces Exercise of Warrants and Options
Dalradian Announces Exercise of Warrants and Options TORONTO, ONTARIO--(Marketwired - Aug. 25, 2016) - Dalradian Resources Inc. (TSX:DNA)(AIM:DALR) ("Dalradian" or the "Company") announces that a total of 864,340 of Dalradian's common share broker purchase warrants originally issued on 31 July 2014 (the "July Broker Warrants") were exercised on 6 July 2016 (48,051), 18 July 2016 (720,187), 28 July 2016 (48,051) and 29 July 2016 (48,051) prior to their expiry on 31 July 2016 at a price of C$0.90, resulting in proceeds to the Company of C$777,906. In addition, 90,000 common share purchase warrants originally issued on October 7, 2015 (the "October Warrants") were exercised on August 15, 2016 at a price of $1.04, for proceeds of $93,600. On August 16, 2016, 26,502 shares were issued as a result of stock option exercises by an employee leaving the Company at a range of prices averaging $0.84 (the "Stock Options") using the cashless exercise option available under the Company's stock option plan.
The shares issued upon exercise of the July Broker Warrants were admitted for trading on the AIM market of the London Stock Exchange as part of the block admission announced on 3 February 2015 ("July Broker Warrant Admission").
Application has been be made for 116,502 Common Shares further to the exercise of the October Warrants and the Stock Options, which rank pari passu with the existing Common Shares in issue, to be admitted to trading on AIM and admission is expected to occur at 8:00am on or around 26 August 2016 (the "October Warrant Admission" and the "Stock Option Admission").
Following the July Broker Warrant Admission, the October Warrant Admission and the Stock Option Admission, the Company will have in issue 217,965,451 Common Shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
About Dalradian Resources Inc.
Dalradian Resources Inc. is a gold exploration and development company that is focused on advancing its high-grade Curraghinalt Gold Project located in Northern Ireland, United Kingdom. The Company is in the midst of a work program in support of a planning (permitting) application for construction of an operating mine at Curraghinalt. Components of the program include a feasibility study, an environmental and social impact assessment and underground exploration (at least 950 metres of development with associated test stoping). In May 2016, Dalradian announced an updated mineral resource estimate for Curraghinalt, including a 109% increase in gold ounces contained in the Measured and Indicated categories compared with the 2014 resource. The current resource consists of 2.1 million ounces of contained gold in the Measured and Indicated categories (5.61 million tonnes at 11.61 g/t) and 2.3 million ounces of contained gold in the Inferred category (7.13 million tonnes at 10.06 g/t gold). For further information, see the NI 43-101 technical report entitled, "Technical Report for the Northern Ireland Gold Project, Northern Ireland", dated June 17, 2016 and prepared by Dr. Jean-Francois Couture, PGeo (APGO#0197) and Dr. Oy Leuangthong, PEng (PEO#90563867), both of SRK Consulting (Canada) Inc. and Stacy Freudigmann, PEng (APEGBC #33972) of JDS Energy & Mining Inc. |
