Dalradian closes IPO for $34.05-million

2010-08-10 08:44 ET - News Release

Ms. Annemarie Brissenden reports

DALRADIAN CLOSES INITIAL PUBLIC OFFERING

Dalradian Resources Inc. has closed its initial public offering of 22.7 million units of the company at a price of $1.50 per unit for gross proceeds of $34.05-million. Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share of the company at an exercise price of $2.25 until Aug. 10, 2011. The company has granted to the agents an overallotment option to purchase up to an additional 3,405,000 units, exercisable until Sept. 9, 2010, to cover overallotments, if any, and for market stabilization purposes. If such option is exercised in full, gross proceeds of the offering will be $39,157,500.