ADL Ventures Inc. (TSXV:AVI.P) announced a private placement of 12,030,075 subscription receipts at an issue price of $0.133 per share for gross proceeds of $1,600,000 on March 12, 2020. The subscription receipts will be automatically exercisable into common shares upon completion of the transaction. The resulting issuer shares will be subject to a four month hold period from the date of closing.