VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 22, 2016) - Alexander Nubia International Inc. (TSX VENTURE:AAN) (the "Corporation" or "Alexander Nubia") announces further to its news of May 3, 2016, that it has extended its non-brokered private placement offering of up to 40 million common shares at a price of $0.05 per common share (the "Offering") for total gross proceeds of up to $2,000,000 until August 5, 2016. An initial tranche of the private placement closed on June 13, 2016 with the issuance of 6,600,000 common shares for proceeds of $330,000.
The net proceeds of the Offering will be used to finance further exploration activities at the Corporation's Abu Marawat and Fatiri concessions, including drilling and sampling to extend and develop the Hamama project on the Abu Marawat concession into a National Instrument 43-101 maiden resource, and to drill an number of exploratory holes to investigate the potential of the Fatiri concession. In addition, part of the funds will be used to finance the Corporation's general and administrative expenses and for working capital purposes.
All securities issued pursuant to the private placement will be subject to a four-month hold period from the date of issuance under applicable Canadian securities laws. The Corporation may pay certain finder's fees on certain of the gross proceeds raised from the sale of shares pursuant to the private placement, yet to be determined and subject to the approval of the TSX Venture Exchange.
About Alexander Nubia International Inc.:
Alexander Nubia (TSX VENTURE:AAN) is a focused gold exploration company, working in Egypt exploring for and developing economic gold deposits in the Central Eastern Desert of the Arabian-Nubian Shield (ANS). The Corporation's 100%-owned concessions, Abu Marawat and the Fatiri, combined cover 2,772 square kilometers of underexplored ground. Evidence of gold on the concessions dates the many surface workings to pre-historic (Copper Age) and Old Kingdom (Pharaonic), through Ptolemaic and Roman and into Early Arab times and the early 20th century European period. Several historic gold mines and numerous gold showings and gossans occur within the two concessions.
The Corporation's land package is located some 400 km southeast of Cairo and is enhanced by expanding infrastructure, including access to highway and railway right-of-way, a high-capacity electricity grid, and nearby major cities; Qena, on the Nile River, and Port of Safaga, on the Red Sea, only 50 km to the East.
ON BEHALF OF THE BOARD OF ALEXANDER NUBIA INTERNATIONAL INC.
Mark W. Campbell President & CEO
For further information, please visit www.alexandernubia.com.
Cautionary Note Regarding Forward-Looking Statements
Some of the statements contained in this release are forward-looking statements. Since forward-looking statements address future events and conditions; by their very nature they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.