TORONTO – Dalradian Resources Inc. (“Dalradian” or the “Company”) (TSX: DNA) has closed its initial public offering of 22,700,000 units (the “Units”) of the Company at a price of C$1.50 per Unit for aggregate gross proceeds of C$34,050,000 (the “Offering”). Each Unit consists of one common share (a “Common Share”) of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant entitles the holder to acquire one common share of the Company at an exercise price of C$2.25 until August 10, 2011. The Company has granted to the agents an over-allotment option to purchase up to an additional 3,405,000 Units, exercisable until September 9, 2010, to cover over-allotments, if any, and for market stabilization purposes. If such option is exercised in full, aggregate gross proceeds of the Offering will be C$39,157,500.The Common Shares and the Warrants are listed on the Toronto Stock Exchange under the symbols “DNA” and “DNA.WT,” respectively, and will start trading today.
GMP Securities L.P. and Dundee Securities Corporation co-led the syndicate, which included Clarus Securities Inc. and Cormark Securities Inc.