THUNDER BAY, ONTARIO--(Marketwired - Nov. 4, 2016) - Alset Energy Corp. (TSX VENURE:ION) ("Alset" or "the Company") announces that it has filed with the TSX Venture Exchange documents for final approval of its private placement financing (see previous news releases dated October 6, 2016 and October 13, 2016). Gross proceeds total $460,240 consisting of 288,334 flow-through units ("FT") for $34,600 and 4,256,400 non flow-through units ("NFT") for $425,640.
Each FT unit will be issued at $0.12 and will consist of one (1) FT common share and one-half of one common share purchase warrant, each full common share purchase warrant being exercisable at $0.20 cents for 24 months. FT funds will be used to advance the Wisa Lake spodumene and Champion Graphite projects in Ontario.
Each NFT unit will be issued at $0.10 and will consist of one (1) common share and one (1) common share purchase warrant, each exercisable at $0.20 cents for 24 months.
The common shares comprising the FT and NFT units and the common shares issuable upon exercise of the common share purchase warrants will be subject to a four (4) month hold period commencing on the closing date, being the date of issuance of the units. The Company has paid fees totaling $6,800 and issued 68,000 broker warrants exercisable at $0.20 for 24 months. The financing and associated terms are subject to TSX Venture Exchange approval.
The Company is relying on the exemption under MI 61-101 5.7 (1)(a) for the participation of the following insiders in the Financing:
Clint Barr - 100,000 NFT Units
Allan Barry Laboucan - 60,000 NFT Units
About Alset Energy
Alset Energy is a TSX-V listed junior exploration company focused on exploring and acquiring mineral properties containing the metals needed by today's high-tech industries. The Company is actively exploring in Mexico and Canada.
On behalf of the Board of Directors of Alset Energy Corp.,
Allan Barry Laboucan, CEO
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.