Aldridge Minerals Closes Previously Announced Non-Brokered Financing

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

www.aldridgeminerals.ca
TSX-V: AGM

TORONTO, Feb. 22, 2013 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge" or the "Company") is pleased to announce that it has closed the non-brokered portion of its previously announced financing (the "Offering"). The Company issued a total of 9,534,737 common shares on a private placement basis at a price of $0.475 per common share and 222,463 special warrants to ANT Holding Anonim Sti ("ANT") for gross proceeds of approximately $4.5 million. Each special warrant entitles the holder to purchase one common share of the Company at a price of $0.475 per common share for a period of 24 months. ANT purchased the common shares and received the special warrants pursuant to the exercise of pre-emptive rights held by ANT that entitle it to maintain its pro rata interest in the Company in certain circumstances. By exercising its rights, ANT has maintained its ownership of 30.1% of the outstanding common shares of the Company.

The net proceeds of the financing will be used to advance the exploration and development of the Company's Yenipazar property in central Turkey and for general working capital purposes. The Company may pay a finder's fee of up to $226,500 to an arm's length Turkish-based party.

All securities issued under or in connection with the Offering are subject to a four month hold period expiring June 23, 2013.

The securities offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and were not offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

About Aldridge
Aldridge is a near development stage mining company focused on advancing its Yenipazar gold and polymetallic VMS deposit (Ag, Cu, Pb, Zn) in Turkey - a country that is committed to developing its natural resources and is rapidly emerging as an economic powerhouse. Aldridge is currently in the final stages of completing the Yenipazar feasibility study, which we expect to deliver in March 2013. The Yenipazar project is subject to an earn-in agreement with Alacer Gold Corp., wherein Aldridge can earn a 100% working interest subject to certain conditions, subject to a 6% net profit interest ("NPI", revenues less operational costs) until revenues of US$165 million are generated, and a 10% NPI from there on.

Additional information and corporate documents may be found on www.sedar.com and the Aldridge website, www.aldridgeminerals.ca.

Caution Regarding Forward-Looking Information
This news release includes certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this news release, include, but are not limited to failure to satisfy any of the conditions to completion of the Offering, economic performance and future plans and objectives of Aldridge. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Aldridge believes that the assumptions and factors used in making the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this new release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. Aldridge disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither the 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.

SOURCE: Aldridge Minerals Inc.

Mario Caron 
President & CEO, Director
Aldridge Minerals Inc.
[phone]
[email protected] 

David Carew
Director, Investor Relations & Corporate Secretary
Aldridge Minerals Inc.
[phone]
[email protected]