Albert Mining Inc. Closes the Private Placement Initially Announced February 14th, 2019
TSX VENTURE: AIIM
Chelsea, Quebec / The Newswire / March 12, 2019 - Albert Mining Inc. ("Albert" or "Corporation") (TSX-V: AIIM) a services company and a leader in the use of Artificial Intelligence (AI) and advanced knowledge-extraction techniques since 2005 in the mining sector, is pleased to announce the closing of its non-brokered private placement (PP) by issuing 10,000,000 Units (each a "Unit") at a price of $0.05 per Unit for gross proceeds of $500,000. The Private Placement was initially announced on February 14th, 2019.
Each Unit consists of one common share ("Share"), and one stock warrant ("Warrant") entitling the holder to purchase one Share per Warrant at a price of $0.05 per Share, for a period of 24 months ending March 11, 2021.
Insiders of the Corporation have participated in the PP by purchasing collectively 400,000 Units. Participation of insiders of Albert in the PP constitutes a "related party transaction" as defined under National Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("NI 61-101"). The PP is exempt from the formal valuation and minority shareholder approval requirements of NI 61-101 as neither the fair market value of securities being issued to insiders nor the consideration being paid by insiders exceeds 25% of Albert's market capitalization. Albert did not file a material change report 21 days prior to the closing of the PP as the details of the participation of insiders had not been confirmed at that time.
The proceeds will be mainly used to fund future sales activities and add exciting new vertical business.
Albert Mining's team would like to thank everyone who came to our PDAC 2019 booth March 3-6. We were very busy explaining how our CARDS system Contributed to Spruce Ridge Resources/Noble Minerals' significant Nickel, Cobalt, PGE discovery under 20-30 meters overburden on their Crawford Project near Timmins, Ontario.
All securities issued in the PP are subject to a four-month hold period expiring on July 12, 2019. The PP is also subject to all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
About Albert Mining Inc. - Powered by Artificial Intelligence (AI) since 2005
Albert Mining is a services company using Artificial Intelligence (AI) with an extensive portfolio of gold, copper and zinc properties in Quebec. Albert can count on a multidisciplinary team that includes professionals in geophysics, geology, Artificial Intelligence, and mathematics. The Company's objective is to develop a new royalty stream by significantly enhancing and participating in the exploration success rate of mining.
For further information, please contact:
President and CEO of Albert Mining Inc.
Additional information about the Company is available under Albert's profile on SEDAR at www.sedar.com.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.