ALX Resources Corp. (TSX-V: AL) (FSE: 6LLN) (OTC: ALXEF) is pleased to announce the closing on October 13, 2021 of the second and final tranche of its previously announced private placement (see ALX news release dated October 4, 2021). In the second tranche, $249,999.96 was raised through the issuance of an additional 2,380,952 flow-through units at a price of $0.105 per unit. In the private placement, the Company issued a total of 17,894,735 non-flow-through units and 13,333,333 FT Units for gross proceeds in both tranches of $3,099,999.79.
The NFT Units were sold at a price of $0.095 per NFT Unit, consisting of one common share and one common share purchase warrant. The FT Units were sold at a price of $0.105 per FT Unit consisting of one flow-through common share and one-half of one non-flow through common share purchase warrant. One common share purchase warrant from the NFT Units or one whole common share purchase warrant from the FT units entitles the holder to purchase one non-flow through common share of the Company at a price of $0.14 for a period expiring on October 8, 2023.
The securities issued in the Offering are subject to a hold period of four months plus one day from the closing date, expiring February 9, 2022. The proceeds from the sale of FT Units will be used for exploration programs on the Company’s Saskatchewan uranium and gold properties and on its Ontario nickel and copper properties. The proceeds from the sale of NFT Units will be used for general working capital.
Finder’s fees for the second and final tranche were paid to Red Cloud Securities Inc. consisting of $17,500 in cash and 166,667 finder’s warrants. Each finder’s warrant is exercisable at a price of $0.095 and is exercisable until October 8, 2023.
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 uranium, nickel-copper-cobalt and gold projects. The Company uses the latest exploration technologies and holds interests in over 250,000 hectares of prospective lands in Saskatchewan, a stable Canadian jurisdiction that hosts the highest-grade uranium mines in the world, a producing gold mine, and production from base metals mines, both current and historical.
ALX holds interests in a number of uranium exploration properties in northern Saskatchewan, including a 20% interest in the Hook-Carter Uranium Project, located within the uranium-rich Patterson Lake Corridor with Denison Mines Corp. (80% interest) operating exploration since 2016, a 40% interest in the Black Lake Uranium Project (a joint venture with UEX Corporation and Orano Canada Inc.), and 100% interests in the Gibbons Creek Uranium Project, the Sabre Uranium Project, and the Javelin and McKenzie Lake Uranium Projects.
ALX also owns 100% interests in the Firebird Nickel Project (now under option to Rio Tinto Exploration Canada Inc., who can earn up to an 80% interest), the Flying Vee Nickel/Gold and Sceptre Gold projects, and can earn up to an 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or can earn, up to 100% interests in the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, the Vixen Gold Project (now under option to First Mining Gold Corp., who can earn up to a 100% interest in two option stages), and in the Draco VMS Project in Norway.
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We acknowledge the [financial] support of the Government of Canada.