TORONTO, Sept. 12, 2018 (GLOBE NEWSWIRE) -- Alexandria Minerals Corporation (TSX-V:AZX) (OTCQB:ALXDF) (Frankfurt:A9D) (“AZX” or the “Company”) announces that, subject to regulatory approval, it has arranged a non-brokered private placement flow-through financing to raise gross proceeds of up to $1,000,000 (the “Offering”).
The Company will sell up to 18,181,818 flow-through common shares at a price of $0.055 per share for aggregate gross proceeds of up to $1.0 million.
The Company will pay a finder's fee on a portion of the Offering, comprised of a cash fee equal to 6% of the gross proceeds raised from the Offering in accordance with the policies of the TSX Venture Exchange.
The proceeds received by the Company from the sale of the flow through common shares will be used to incur Canadian Exploration Expenses that are “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada)) on the Company’s Cadillac Break properties in Quebec, which will be renounced to the subscribers in the aggregate amount of not less than the total amount of the gross proceeds raised from the Offering. All securities issued under the Offering will be subject to a four-month hold period in accordance with applicable securities laws. The Offering remains subject to final approval of the TSX Venture Exchange.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with strategic properties located in the world-class mining districts of Val d’Or, Quebec, Red Lake, Ontario and Snow Lake-Flin Flon, Manitoba. Alexandria’s focus is on its flagship property, the large Cadillac Break Property package in Val d’Or, which hosts important, near-surface, gold resources along the prolific, gold-producing Cadillac Break, all of which have significant growth potential.
WARNING: This News Release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Alexandria Minerals Corporation relies upon litigation protection for forward-looking statements. 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.
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.
Contact Information:
Walter Henry
Acting President & CEO
(416) 414-5825
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