Alpha Exploration Announces Private Placement Financing
https://www.newsfilecorp.com/release/24 ... -Financing
March 21, 2025
Calgary, Alberta--- Alpha Exploration Ltd. (TSXV: ALEX) ("Alpha or the "Corporation") is pleased to announce a non-brokered private placement financing of units ("Units") at a price of C$0.70 per Unit (the "Offering Price") for up to 8,571,428 Units and for aggregate gross proceeds of up to C$6 million (the "Private Placement").
Each Unit is comprised of one ordinary share (each, a "Share") of the Corporation and one-half of one ordinary share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant will entitle the holder to acquire one additional Share (a "Warrant Share") at an exercise price of $1.05 per Warrant Share (the "Exercise Price") for a period of 18-months immediately following the Closing Date (as defined below).
The Corporation expects to close the Private Placement on or about April 9, 2025, or such other date as the Corporation may determine in its sole discretion (the "Closing Date").
The net proceeds of the Private Placement will be used to fund ongoing exploration work on the Kerkasha Project in Eritrea, operating and administrative expenses, working capital and general corporate purposes.
Completion of the Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSXV. The TSXV has not approved the Offering Price or the Exercise Price and these remain subject to the change. The Shares, Warrants and the Warrant Shares will be subject to a statutory hold period of four months plus one day from the Closing Date, in accordance with applicable securities legislation.
It is expected that certain Insiders of the Corporation (as such term is defined under the policies of the TSXV) may participate in the Private Placement. The participation of Insiders in the Private Placement will constitute a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Corporation intends to rely upon exemptions from the formal valuation and minority approval requirements of MI 61-101 based on a determination that the fair market value of the Private Placement, insofar as it involves the related parties, does not exceed $2,500,000.
About Alpha Exploration Ltd.
Alpha (TSXV: ALEX) is an exploration company that is rapidly advancing a number of important gold and base metal discoveries across its 100% owned, large (514 km2 ) Kerkasha Project in Eritrea.
The Company has also advanced the Aburna Gold Prospect, the Tolegimja VMS Copper-Zinc-Gold Prospect and over 17 other gold prospects since listing in 2021.
The Company is managed by a group of highly experienced and successful professionals with long track records of establishing, building and successfully exiting a number of world class gold and base metals discoveries in Eritrea and across the wider Arabian Nubian Shield.
For further information go to the Alpha webpage at www.alpha-exploration.com or contact:
Tim Livesey
Interim CEO
Alpha Exploration Ltd.
Email: tim@alpha-exploration.com
Tel: +44 20 7129 1148