Alexis Minerals Corporation
TSX : AMC

Alexis Minerals Corporation

October 09, 2008 19:17 ET

Alexis Minerals Revises Terms of Flow Through Financing

TORONTO, ONTARIO--(Marketwire - Oct. 9, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Alexis Minerals Corporation (TSX:AMC) today announced that it has amended the terms of its previously announced private placement financing. It has entered into a revised agreement with Raymond James Ltd. as lead agent (the "Agent") to issue and sell on a best efforts basis up to 10,000,000 common shares of the Company on a flow-through basis (each, a "FT Share") at a price of $0.50 per FT Share for gross proceeds of up to $5 million.

Closing of the offering is anticipated to occur on or before October 15, 2008 and is subject to receipt of applicable regulatory approvals including approval of the Toronto Stock Exchange.

The proceeds of the financing will be used to incur eligible Canadian Exploration Expenses, as defined under the Income Tax Act (Canada), that will be renounced in favour of the purchasers with an effective date of no later than December 31, 2008.

About Alexis Minerals

Alexis Minerals Corporation is a Canadian exploration and development company listed on the Toronto Stock Exchange. Alexis owns the 1400 tonne per day Aurbel gold mill and is currently advancing the adjacent, wholly-owned Lac Herbin Gold deposit into production in 2008. Alexis also has the right to earn in into a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda and is focused on advancing this project to a commercial production decision in 2008. Alexis holds an outstanding portfolio of properties covering 1,005 sq. km. of the prospective Val d'Or and Rouyn-Noranda Mining Camps in Quebec and explores these properties for both gold and base metals. Approximately 786 sq. km. of the Rouyn-Noranda Mining Camp is explored in a 50-50 joint venture with Xstrata Copper. Alexis has budgeted $5.5 million for exploration in 2008. There are currently five underground drills active at Lac Herbin and two surface drills active in Val d'Or.

Disclaimer

Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as "estimates", "intends", "expects", "believes", "may", "will" and include, without limitation, statements regarding the proposed terms of the financing, proposed use of proceeds, proposed exploration and development programs, receipt of government approvals, and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, financial market risks, and those other factors described in the annual information form of the Company. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

THE COMMON SHARES WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM U.S. REGISTRATION REQUIREMENTS. THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL.

Contact Information

  • Alexis Minerals Corporation
    David Rigg
    President and CEO
    (416) 861-5889
    (416) 861-8165 (FAX)
    or
    Alexis Minerals Corporation
    Bruce Barch
    VP Investor & Corporate Affairs
    (416) 861-5905
    Email: info@alexisminerals.com
    or
    Alexis Minerals Corporation
    Louis Baribeau
    Relationiste
    (514) 667-2304
    Email: deconsul@videotron.ca
    Website: www.alexisminerals.com