ALX Resources Corp. (TSX-V: AL) (FSE: 6LLN) (OTC: ALXEF) is pleased to announce the closing on October 20, 2020 of the second and final tranche of a non-brokered private placement consisting of 830,000 non-flow-through units and 3,953,333 flow-through units of the Company for gross proceeds of $346,300. A total of 9,473,400 NFT and 9,931,333 FT Units were sold in two tranches for gross proceeds to the Company of $1,313,254.

The NFT Units were sold at a price of $0.06 per NFT Unit, consisting of one common share and one common share purchase warrant. The FT Units were sold at a price of $0.075 per FT Unit consisting of one flow-through common share and one non flow-through common share purchase warrant. One common share purchase warrant from either the NFT Units or the FT Units will entitle the holder to purchase one non flow-through common share of the Company at a price of $0.10 for a period expiring 24 months following the closing date of the Offering.

The securities issued in the first tranche of the Offering are subject to a hold period of four months plus one day from the closing date, expiring February 3, 2021 (see ALX news release dated October 2, 2020). The securities issued in the Second Tranche are subject to a hold period of four months plus one day from the closing date, expiring February 21, 2021. The proceeds from the sale of FT Units will be used for exploration programs on the Company’s Ontario and Saskatchewan gold properties, and the proceeds from the sale of NFT Units will be used for general working capital.

Finder’s fees for the Second Tranche were paid to Red Cloud Securities Inc. consisting of a total of $17,500 cash, and 233,333 finder’s warrants exercisable at $0.075 for one common share of the Company for a period of two years from closing.

About ALX

ALX is based in Vancouver, BC, Canada and its common shares are listed on the TSX Venture Exchange, on the Frankfurt Stock Exchange and in the United States OTC market.

ALX’s mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties, which include gold, nickel-copper-cobalt and uranium projects. The Company uses the latest exploration technologies and holds interests in over 200,000 hectares in Saskatchewan, a stable Canadian jurisdiction that hosts the highest-grade uranium mines in the world, a producing gold mine, and demonstrates strong potential for economic base metals deposits.

ALX owns 100% interests in the Firebird Nickel Project (now under option to Rio Tinto Exploration Canada, who can earn up to an 80% interest), Flying Vee and Sceptre Gold projects in northern Saskatchewan, the Vixen Gold Project in the historic Red Lake Mining District of Ontario, Canada, and the Draco VMS Project in Norway. ALX holds interests in a number of uranium exploration properties in northern Saskatchewan, including a 20% interest in the Hook-Carter Uranium Project, with Denison Mines Corp. (80% interest) operating exploration since 2016.