Alexander Nubia Announces Non-Brokered Private Placement of up to $1.5 Million
FOR IMMEDIATE RELEASE
ALEXANDER NUBIA ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OF UP TO $1.5 MILLION
December 7, 2015 Alexander Nubia International Inc. (TSX-V:AAN) (the “Corporation” or “Alexander Nubia”) is pleased to announce a non-brokered private placement offering of up to 30,000,000 units (the “Purchased Units”) at a price of $0.05 per Unit (the “Offering”), for total gross proceeds of up to $1,500,000. Each Purchased Unit consists of one common share in the capital of the Corporation (a "Unit Share") and one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to acquire one additional common share in the capital of the Corporation (a "Warrant Share") until the date which is three years following the closing of the Offering at a price of $0.05 per Warrant Share. If at any time prior to the expiry date of the Warrants the average closing trading price of the common shares of the Corporation on the TSX Venture Exchange ("TSXV") for any 20 consecutive trading days is greater than $0.25, then the Corporation may provide notice to the holders of the Warrants that the expiry date of the Warrants will be accelerated to the date which is 30 days after the date of such notice.
The closing of the Offering is expected to occur on or about December 14, 2015.
The net proceeds of the Offering will be used to fund further exploration activities at the Corporation’s Abu Marawat and Fatiri Concessions, including drilling and sampling to extend and develop the Hamama project on the Abu Marawat Concession, and to drill a number of exploratory holes to investigate the potential of the former Abu Zawal mine in the Fatiri Concession. In addition, part of the funds will be used to fund the Corporation’s general and administrative expenses, and for working capital purposes. The management of the Company has also made significant progress in reducing the Company’s monthly overheads.
All securities issued pursuant to the Offering will be subject to a four-month hold period from the date of issuance under applicable Canadian securities laws.
The Offering is subject to the approval of the Corporation’s board and the TSXV.
About Alexander Nubia International Inc.:
Alexander Nubia (TSX-V: AAN) is in the business of exploring for and developing of economic gold and copper deposits in the Central Eastern Desert of the Arabian-Nubian Shield (ANS). The Company’s 100%owned concessions, Abu Marawat and the Fatiri, combined cover 2,772 square kilometers of underexplored ground. Evidence of gold and copper mining on the concessions dates the many surface workings to pre-historic (Copper Age) and Old Kingdom (Pharaonic), through Ptolemaic and Roman and into Early Arab times. Several historic gold mines and numerous gold showings and gossans occur within the two concessions.
The Company’s land package is located some 400 km southeast of Cairo and is enhanced by expanding infrastructure, including access to highway and railway right-of-way, a high-capacity electricity grid, and nearby major cities; Qena, on the Nile River, and Port of Safaga, on the Red Sea, only 50 km to the East.
ON BEHALF OF THE BOARD OF ALEXANDER NUBIA INTERNATIONAL INC.
Mark W. Campbell Interim President & CEO
For further information, please visit www.alexandernubia.com or contact:
Mark W. Campbell Interim President and CEO +1-936-689-2589
Giles Baynham Director of Corporate Development +1-604-764-6126
Cautionary Note Regarding Forward-Looking Statements
Some of the statements contained in this release are forward-looking statements. Since forward- looking statements address future events and conditions; by their very nature they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.