Alexandria Minerals Corporation

Alexandria Minerals Corporation

March 23, 2006 16:30 ET

Alexandria Minerals Corporation Announces the Successful Closing of its Initial Public Offering

TORONTO, ONTARIO--(CCNMatthews - March 23, 2006) -

Not for distribution in the United States

Alexandria Minerals Corporation (the "Company") is pleased to announce that on March 22, 2006 the Company successfully completed its initial public offering for gross proceeds of $1,500,000. The Company's shares have been approved for listing on the TSX Venture Exchange and will be listed for trading on March 24, 2006 under the ticker symbol AZX. The initial public offering consisted of the issuance of 6,000,000 units at an issue price of $0.25 per unit. Each unit consists of one common share and one warrant of Alexandria, each warrant entitling the holder thereof to purchase one additional common share at an exercise price of $0.30 for a period of 24 months from the closing of the initial public offering, subject to accelerated expiry should the common shares trade at a weighted average trading price of $0.50 or higher for a period of 20 consecutive trading days. Bolder Investment Partners Ltd. acted as agent for the offering and received a cash commission of 7.5% of the gross proceeds as well as a work fee of $10,000 and 50,000 common shares. In addition, Bolder and members of its selling group received agent's options entitling them to acquire 900,000 common shares at an exercise price of $0.25 for a period of 24 months from the closing of the initial public offering, subject to the same accelerated expiry provisions as the warrants.

Alexandria will be using the proceeds of the offering for the exploration and development of its Matachewan property in Ontario, its Siscoe property in the Val d'Or region of Quebec and for general corporate purposes.

Following completion of the initial public offering, Eric Owens, the President of the Company, directly owns and controls, on a fully-diluted basis, an aggregate of 2,634,879 common shares of the Company, representing approximately 13.4% of the issued and outstanding common shares of the Company. In acquiring the above-mentioned securities, Mr. Owens did not act jointly or in concert with any person. The securities were acquired by Mr. Owens prior to the initial public offering pursuant to private transactions with the Company for investment purposes. Mr. Owens reserves the right to purchase or dispose of additional securities of the Company as market conditions exist or develop.

The Company is a Toronto-based mineral exploration and development company, currently focused on the exploration for precious metals on five mineral properties located in Northern Ontario and Quebec. The Company's management has extensive global experience in 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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