Alpha Exploration Announces $6.0 Million Private Placement Offering of Ordinary Shares
Alpha Exploration Announces $6.0 Million
Private Placement Offering of Ordinary Shares
Calgary, Alberta--(Newsfile Corp. - July 24, 2024) -
Alpha Exploration Ltd. (TSXV: ALEX)
(the
"
Company
") announces today that it has entered into an agreement pursuant to which Cormark
Securities Inc. ("
Cormark
") and Canaccord Genuity Corp. have agreed to act as co-lead agents and
bookrunners (the "
Lead Agents
"), on behalf of a syndicate of agents (the "
Agents
") in connection with a
brokered private placement of 6,670,000 ordinary shares (the "
Shares
") of the Company on a "best
efforts" agency basis at a price of $0.90 per Share for aggregate gross proceeds to the Company of
$6.0 million (collectively, the "
Offering
"). In addition, the Agents have been granted an option
exercisable, in whole or in part, up to the closing date to sell up to an additional 1,000,500 Shares at the
Offering Price for additional proceeds of C$900,450.
The net proceeds from the Offering will be used for exploration and development activities at the
Company's projects in Eritrea, working capital and general corporate purposes.
The Offering is expected to close on or about July 30, 2024, or such other date as the Company and
Cormark may agree and is subject to certain conditions including, but not limited to, the receipt of all
necessary regulatory and other approvals including the conditional approval of the TSX Venture
Exchange.
Subject to compliance with applicable regulatory requirements and in accordance with National
Instrument 45-106 -
Prospectus Exemptions
("
NI 45-106
"), the Shares will be offered for sale to
purchasers resident in Canada (other than Quebec) pursuant to the listed issuer financing exemption
under Part 5A of NI 45-106 (the "
Listed Issuer Financing Exemption
") and is such other jurisdictions
as may be agreed between the Company and the Agents, provided that no prospectus, registration
statement or similar document is required to be filed in such jurisdictions. The Ordinary Shares will not
be subject to resale restrictions pursuant to applicable Canadian securities laws.
There is an offering document related to the Offering and the use by the Company of the Listed Issuer
Financing Exemption that can be accessed at the Company's profile at
www.sedarplus.ca
and at
https://alpha-exploration.com
. Prospective investors should read this offering document before making
an investment decision.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be
any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be
unlawful, including any of the securities in the United States of America. The securities have not been
and will not be registered under the United States
Securities Act of 1933
, as amended (the "
1933 Act
")
or any state securities laws and may not be offered or sold within the United States or to, or for account
or benefit of, U.S. persons unless registered under the 1933 Act and applicable state securities laws, or
an exemption from such registration requirements is available. "United States" and "U.S. person" have
the meaning ascribed to them in Regulation S under the 1933 Act.
Contact Information
Michael Hople
President and Chief Executive Officer
Alpha Exploration Ltd.
Email:
Tel: +44 207129 1148
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Forward-Looking Statements
This news release includes certain forward-looking statements concerning the use of proceeds of the
Offering, the use of proceeds of the Offering, the future performance of our business, its operations and
its financial performance and condition, as well as management's objectives, strategies, beliefs and
intentions. Forward-Looking statements are frequently identified by such words as "may", "will", "plan",
"expect", "anticipate", "estimate", "intend" and similar words referring to future events and results.
Forward-Looking statements are based on the current opinions and expectations of management. All
forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and
uncertainties, including the speculative nature of mineral exploration and development, fluctuating
commodity prices, changes in interest and currency exchange rates, risks relating to inaccurate
geological and engineering assumptions (including with respect to the tonnage, grade and recoverability
of reserves and resources); risks relating to unanticipated operational difficulties (including failure of
equipment or processes to operate in accordance with specifications or expectations, cost escalation,
unavailability of materials and equipment, government action or delays in the receipt of government
approvals, industrial disturbances or other job action, and unanticipated events related to health, safety
and environmental matters); risks relating to adverse weather conditions; political risk and social unrest;
changes in general economic conditions or conditions in the financial markets; changes in laws
(including regulations respecting mining concessions), competitive risks and the availability of financing,
as described in more detail in our recent securities filings available at under the Company's profile on
SEDAR+ at
www.sedarplus.ca
. Actual events or results may differ materially from those projected in the
forward-looking statements and we caution against placing undue reliance thereon. We assume no
obligation to revise or update these forward-looking statements except as required by applicable law.
Not for distribution to United States newswire services or for dissemination in the United
States
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/217560