TORONTO, ONTARIO--(Marketwired - April 4, 2017) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
Alexandria Minerals Corporation (TSX VENTURE:AZX)(OTCQB:ALXDF)(FRANKFURT:A9D) ("AZX" or the "Company") announces a non-brokered equity private placement (the "Financing") in the Company for gross proceeds of $2,500,000. As part of the Financing, the Company is pleased to announce that it has been informed that Eric Sprott (or his designated nominee) has agreed to participate in the Financing.
The Financing will consist of up to 41,666,666 units ("Units") at a price of $0.06 per Unit, where each Unit will be comprised of one common share and one common share purchase warrant ("Warrant"). Each Warrant will entitle the holder, on exercise, to acquire one common share at an exercise price of $0.09 for a period of 24 months. All securities issued under the Financing will be subject to a four-month hold period in accordance with applicable securities laws.
The proceeds from this transaction will be used for exploration on the Company's flagship Orenada gold project in Val d'Or, Quebec, as well as for general corporate purposes. Recent high grade gold assays at Orenada have been encouraging, leading management to ramp up activities in its efforts there.
In addition, finder's fees shall be paid in the amount of up to 6% of the gross proceeds of the Financing and 6% finder's warrants, with each such warrant exercisable to acquire one common share at a price of $0.06 for 24 months. The Financing is anticipated to close on April 10, 2017. The Financing remains subject to the approval of the TSX Venture Exchange.
Further information about the Company is available on the Company's website, www.azx.ca, or our social media sites listed below:
About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with important gold resources on one of the largest properties along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec, and now with a significant presence in the Snow Lake-Flin Flon gold-base metal mining district of Manitoba. The Company's properties are located in mining districts hosting large, world-class mineral deposits and important mining infrastructure.
WARNING: This News Release may contain forward-looking statements including but not limited to comments regarding the timing of completion of the Financing, the use of proceeds of the Financing and receipt of regulatory approval of the Financing. 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 the 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.