Alexandria Minerals Corporation
TSX VENTURE : AZX
FRANKFURT : A9D

Alexandria Minerals Corporation

December 24, 2009 12:06 ET

Alexandria Closes Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - Dec. 24, 2009) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) announces that it has closed its Non-Brokered Private Placement ("NBPP") totaling $629,620 on December 23, 2009, initially announced on December 17, 2009.

The NBPP consists of 4,497,286 Flow-Through ("FT") units, priced at $0.14 per unit. Each FT unit consists of one common share of the Company and one-half (1/2) of one purchase warrant, with each whole warrant entitling the holder to acquire one additional non-flow through (NFT) common share of the Company at a price of $0.20 for a period of 18 months from closing. The securities issued under the private placement will be subject to a hold period of four months and one day from the date of closing, being April 24, 2010.

The proceeds from the private placement will be used to fund exploration activities, primarily diamond drilling on gold exploration targets on its Akasaba property in Val d'Or, Quebec, where the Company has had solid success with its exploration activities in 2009. Alexandria is currently completing a 2,500 meter drill programme at Akasaba, and expects to release assay results beginning early in the new year.

"We are excited about our activities in Val d'Or, especially at Akasaba and Orenada," says Eric Owens, President and CEO of Alexandria. "And we thank all our shareholders for their continued support."

A finders fee consisting of cash and finder's warrants, each 7% of the proceeds, was paid to Canaccord Financial Ltd. ($490 and 3,500 warrants), Pollit & Co. Ltd. ($980 and 7,000 warrants), First Canadian Capital Corp. ($2,940 and 21,000 warrants), Union Securities Ltd. ($4,684 and 33,460 warrants), Haywood Securities ITF Bolder Investment ($1,372 and 9,800 warrants), Trinity Wood Capital Corporation in Trust ($7,350 and 52,500 warrants), Anthem Capital Group Inc. ($8,747 and 62,475 warrants) and Barrington Capital Corporation ($8,747 and 62,475 warrants). The finder's warrants have the same terms as the warrants issued under the private placement. All finder's warrants will be subject to a hold period of four months and one day from the date of closing, being April 24, 2010.

Alexandria Minerals Corp. is a Toronto–based mineral exploration and development company, currently focused on the exploration for precious metals on mineral properties located in Northern Ontario and Quebec. The Company's management has extensive global experience with small to large mining companies, from grass-roots exploration to the exploitation of mineral deposits. The Company is a reporting issuer in the provinces of British Columbia, Alberta and Ontario.

This press release, required by applicable Canadian laws, is not for distribution to U.S. news services or for dissemination in the United States, and does not constitute an offer of the securities described herein. These securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

WARNING: The Company relies upon litigation protection for "forward-looking" statements. This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of up-coming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Alexandria Minerals Corporation relies upon litigation protection for forward-looking statements.

Neither 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.

Contact Information

  • Alexandria Minerals Corporation
    Andreas Curkovic
    Investor Relations
    416-363-9372
    or
    Alexandria Minerals Corporation
    Eric Owens
    416-363-9372
    or
    Alexandria Minerals Corporation
    Matt Morrish
    416-363-9372
    info@azx.ca
    www.azx.ca