- Alpha Exploration (ALEX) has closed the first tranche of its previously announced non-brokered private placement for gross proceeds of $1,401,375.00
- The units were offered at a purchase price of $0.75 per unit
- The proceeds of the offering will be used mainly for funding ongoing exploration work on the Kerkasha Project in Eritrea
- Each unit consists of one ordinary share in the capital of the corporation and one-half of one ordinary share purchase warrant
- Alpha Exploration is focused on the discovery of gold and base metals deposits in the highly prospective Arabian-Nubian shield, on either side of the Red Sea
- Alpha Exploration Ltd. (ALEX) opened trading at C$0.82 per share
Alpha Exploration (ALEX) has closed the first tranche of its non-brokered private placement for gross proceeds of $1,401,375.00.
The units were offered at a purchase price of $0.75 per unit.
The proceeds of the offering will be used mainly for funding ongoing exploration work on the Kerkasha Project in Eritrea, operating and administrative expenses, working capital and general corporate purposes.
Each unit consists of one ordinary share in the capital of the corporation and one-half of one ordinary share purchase warrant.
Each warrant entitles the holder to purchase one ordinary share for a period of 18 months following the closing date of the offering at an exercise price of $1.125.
In connection with the offering, Alpha paid certain arm’s length parties a cash finder’s fee payment equal to up to 6.0 per cent of the units that are sold to subscribers introduced by such parties.
The ordinary shares and warrants issued in connection with the offering and the ordinary shares underlying the warrants are subject to a statutory hold period of four months plus one day from the date of completion of the offering, in accordance with applicable securities legislation.
The offering was approved by the corporation’s board of directors by means of a unanimous resolution.
Alpha Exploration is focused on the discovery of gold and base metals deposits in the highly prospective Arabian-Nubian shield, on either side of the Red Sea.
Alpha Exploration Ltd. (ALEX) opened trading at C$0.82 per share.