Alexis Minerals Corporation
TSX : AMC

Alexis Minerals Corporation

February 29, 2008 08:08 ET

Alexis Minerals Announces $11.7 Million Underwritten Private Placement

TORONTO, ONTARIO--(Marketwire - Feb. 29, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Alexis Minerals Corporation (TSX:AMC) (the "Company") is pleased to announce that it has entered into an agreement with Cormark Securities Inc. as lead underwriter, on behalf of a syndicate including Canaccord Adams and CIBC World Markets Inc., pursuant to which the underwriters have agreed to purchase 16,714,286 million units of the Company on an underwritten private placement basis at a price of $0.70 per unit. Each unit shall consist of one common share of the Company and one-half of one share purchase warrant. Each whole warrant shall be exercisable at any time for one common share at a price of $1.00 per share for a period of two years following closing. The net proceeds of the offering will be for continued exploration and development of the Lac Herbin and Lac Pelletier Deposits, acquisitions and for general working capital purposes.

The Company shall have the right, commencing 365 days after closing of the financing, to call the outstanding warrants for expiry upon 30 days notice should the common shares close at or above $1.50 for 20 consecutive trading days.

The offering is scheduled to close on or about March 18, 2008 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

The underwriters shall be entitled to a cash commission equal to 6.0% of the gross proceeds of the offering.

The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian exploration and development company listed on the Toronto Stock Exchange. Alexis holds an outstanding portfolio of properties covering the Val-d'Or and Rouyn-Noranda Mining Camps in Quebec. Alexis owns the 1400 tonne per day Aurbel gold mill and holds a 100%-interest in the Aurbel property. Alexis will vest into a 100% ownership of all remaining interests of Aur Resources on approximately 212 square kilometres of the Val-d'Or Mining Camp in early 2008. Alexis also has the right to earn-in into a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda. The Company has earned a 50% interest in approximately 786 square kilometres of the Rouyn-Noranda Mining Camp and has entered into a joint venture with Xstrata Copper. Alexis is following strategic exploration approaches across these properties for both gold and base metals, with a focus on the potential for gold production from the 100%-owned Lac Herbin and Lac Pelletier deposits during 2008. Currently there are four underground drills active at Lac Herbin, one surface drill active in Val-d'Or and one surface drill active in Rouyn-Noranda.

Forward-looking Information

Statements in this release that are not historical facts are "forward-looking information" within the meaning of applicable securities law. Forward-looking information typically contain words such as "anticipate", "plan", "expect", "potential", or similar words suggesting future outcomes and include, without limitation, statements regarding the completion of the financing, proposed use of proceeds, and the Company's operational plans, including production estimates. There can be no assurance that such information will prove to be accurate; actual results and future events could differ materially from such information. Factors that could cause actual results to differ materially include, among others, commodity prices, third party risks, risks inherent in the mining industry, financing risks, regulatory risks and environmental concerns. Investors are cautioned not to place undue reliance on forward-looking information.

Contact Information

  • Alexis Minerals Corporation
    David Rigg
    President and CEO
    (416) 861-5889
    (416) 861-8165 (FAX)
    or
    Alexis Minerals Corporation
    Bruce Barch
    Manager Investor Relations
    (416) 861-5905
    or
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste, Quebec
    (514) 667-2304
    Email: info@alexisminerals.com
    Website: www.alexisminerals.com