Non-brokered offering will finance exploration and corporate purposes
By Devika Patel
Knoxville, Tenn., June 13 – Alexandria Minerals Corp. said it raised C$1.99 million in the initial tranche of a C$4 million non-brokered private placement of units. The deal priced on May 30.
The company is selling Quebec flow-through units of one flow-through common share and a half-share warrant at C$0.07 per unit, non-flow-through units of one common share and a half-share warrant at C$0.06 per unit and national flow-through units of one flow-through common share and a half-share warrant at C$0.06 per unit.
Each whole warrant is exercisable at C$0.10 for three years. The strike price is a 66.67% premium to the May 27 closing share price of C$0.06.
In the first tranche, Alexandria sold 10,898,500 Quebec flow-through units for C$762,895, 9,133,000 national flow-through units for C$547,980 and 11,388,483 non-flow-through units for C$683,309.
Proceeds will be used for exploration and general corporate purposes.
The company will pay a 6% finder’s fee and 6% in finder’s warrants to Medalist Capital Ltd.
Alexandria is a Toronto-based gold exploration and development company.
| Issuer: | Alexandria Minerals Corp.
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| Issue: | Quebec flow-through units of one flow-through common share and a half-share warrant, non-flow-through units of one common share and a half-share warrant, national flow-through units of one flow-through common share and a half-share warrant
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| Amount: | C$4 million
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| Price: | C$0.07 for each Quebec flow-through unit and C$0.06 for each non flow-through unit or national flow-through unit
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | C$0.10
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| Agent: | Non-brokered
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| Pricing date: | May 30
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| Settlement date: | June 13 (for C$1,994,184)
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| Stock symbol: | TSX Venture: AZX
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| Stock price: | C$0.06 at close May 27
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| Market capitalization: | C$16.09 million
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