Share Purchase Plan Raises $3.1 Million
The Directors of Adelaide Resources Limited ("Adelaide Resources" or "the Company") (ASX Code: ADN) are pleased to announce that in addition to the Placement advised on 29 November 2010 to raise $3.05 million, Adelaide Resources has raised an additional $3.124 million through a successful Share Purchase Plan ("SPP") which closed on 17 December 2010.
Total cash reserves of Adelaide Resources now exceed $10 million allowing the Company to continue its aggressive drilling program throughout 2011 and into 2012 at its Rover Gold-Copper Project, located near Tennant Creek in the Northern Territory, along with allocating funds to the Moonta Copper-Gold Project on the Yorke Peninsula in South Australia, were exploration is scheduled to recommence in January 2011, in addition to meeting costs associated with the planned spin-off in 2011 of Peninsula Resources Limited.
A total of 16,886,328 shares have been allotted today as a result of the SPP with an expected date of quotation of these shares of 30 December 2010 along with the dispatch of holding statements on 31 December 2010.
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