- Alpha Exploration Ltd. (ALEX) has announced a non-brokered private placement of units for aggregate gross proceeds of $5 million
- Each unit costs $0.75 and is comprised of one ordinary share and half of one ordinary share purchase warrant exercisable for an additional share
- Alpha expects to close the first tranche of the private placement by March 31
- Net proceeds will be used to fund ongoing exploration work on the Kerkasha Project in Eritrea, and general coporate purposes
- Alpha Exploration Ltd.(ALEX) is unchanged trading at $0.85 per share as of 11:57 a.m. ET.
Alpha Exploration (ALEX) has announced a non-brokered private placement of units for gross proceeds of $5 million.
Each unit costs $0.75 and is comprised of one ordinary share Alpha and half of one ordinary share purchase warrant.
Each whole warrant will entitle the holder to acquire one additional share at an exercise price of $1.125 per warrant share for 18 months immediately following the closing date.
Alpha expects to close the first tranche of the private placement by March 31.
Alpha has also agreed to grant participation rights to Crescat Portfolio Management LLC, providing Crescat with the right to purchase additional securities in future offerings to maintain its proportional ownership percentage.
Alpha may pay certain arm’s length parties a cash finder’s fee payment equal to up to 6.00 per cent of the units sold to subscribers introduced by such parties.
The net proceeds will be used to fund ongoing exploration work on the Kerkasha Project in Eritrea, operating and administrative expenses, working capital, and general corporate purposes.
Alpha is an exploration company focused on the discovery of gold and base metals deposits in the highly prospective Arabian-Nubian shield.
Alpha Exploration Ltd.(ALEX) is unchanged trading at $0.85 per share as of 11:57 a.m. ET.