The Prospector News

Alexandria Announces Closing of First Tranche of $5.1 Million Financing

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Alexandria Announces Closing of First Tranche of $5.1 Million Financing

 

 

 

 

 

Alexandria Minerals Corporation (TSX -V:AZX) (FRANKFURT:A9D) (OTC PINK:ALXDF)  is pleased to announce that it has completed the first tranche of its previously announced brokered private placement. Pursuant to the Offering, led by Sprott Private Wealth LP, the Company issued 40,309,090 units of the Company at a price of $0.055 per Unit and 45,067,000 flow-through Common Shares at a price of $0.06 per FT Share for aggregate gross proceeds of $4,921,019.95. Each Unit consisted of one common share of the Company and one-half of one Common Share purchase warrant. Each Warrant is exercisable into one Common Share at a price of $0.08 for 36 months following the closing of the Offering. The Agent received a cash commission equal to 6.0% of the proceeds of the Offering and compensation options equal to 6.0% of the Units and FT Shares issued under the Offering. Each Compensation Option is exercisable into one Unit at a price of $0.055 for 36 months. The Company anticipates closing on a second tranche of the private placement for further proceeds of $203,500 on December 21, 2016, for aggregate gross proceeds under the Offering of $5,124,519.95.

 

 

The net proceeds from the sale of the Offering will be used to fund the exploration and development of the Company’s Cadillac Break properties in Quebec and for general corporate and working capital purposes. The proceeds received by the Company from the sale of the FT Shares will be used to incur Canadian Exploration Expenses that are “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada)) on the Company’s Cadillac Break properties in Quebec, which will be renounced to the subscribers in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of FT Shares. All securities issued under the Offering will be subject to a four-month hold period in accordance with applicable securities laws. The Offering remains subject to final approval of the TSX Venture Exchange.

 

 

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

 

 

About Alexandria Minerals Corporation

 

 

Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with strategic properties located in the world-class mining districts of Val d’Or, Quebec, Red Lake, Ontario and Snow Lake-Flin Flon, Manitoba. Alexandria’s focus is on its flagship property, the large Cadillac Break Property package in Val d’Or, which hosts important, near-surface, gold resources along the prolific, gold-producing Cadillac Break, all of which have significant growth potential.

 

Posted December 22, 2016

Share this news article

MORE or "UNCATEGORIZED"


Uranium Royalty Corp. Closes $30 million Initial Public Offering and Announces Listing on the TSX Venture Exchange

Uranium Royalty Corp. (TSX-V: URC) is pleased to announce that it... READ MORE

December 6, 2019

Denison Completes CAD$4.7 Million Bought Deal Private Placement of Flow-Through Shares

Denison Mines Corp. (DML: TSX) (DNN: NYSE American) is plea... READ MORE

December 6, 2019

Scorpio Gold Reports Results of Drilling at the Keystone-Jumbo Area, Goldwedge Property, Nevada

Scorpio Gold Corporation (TSX-V:SGN) announces results of its fir... READ MORE

December 6, 2019

Nevada Exploration Closes Oversubscribed Financing

Nevada Exploration Inc. (TSX-V: NGE) (OTCQB: NVDEF) is pleased to... READ MORE

December 6, 2019

Ascot Exploration Drilling Intersects 17.29 g/t Gold Over 3.58 Metres in New Area West of Premier Portal

Ascot Resources Ltd (TSX: AOT) (OTCQX: AOTVF) is pleased to annou... READ MORE

December 6, 2019

Copyright 2019 The Prospector News - Site design by Spyderbaby Productions