Alpha Exploration Announces Change of Chief Financial Officer and Insider Involvement of Private Placement Financing
Alpha Exploration Announces Change of Chief
Financial Officer and Insider Involvement of
Private Placement Financing
Calgary, Alberta--(Newsfile Corp. - November 24, 2022) - Alpha Exploration Ltd. (TSXV: ALEX)
("
Alpha
" or the "
Company
") announces that Mr. Francisco Del Castillo of Malaspina Consultant
Services ("Malaspina") has recently resigned his position as Chief Financial Officer (CFO) of Alpha to
pursue other interests. Ms. Denitsa Doncheva, also of Malaspina, has been appointed to the position of
CFO to Alpha with immediate effect. Malaspina is a private company that provides accounting,
administrative and CFO services to Canadian public companies.
Ms. Doncheva has over eight years of accounting experience including providing CFO, assistant CFO
and Controller services to other exploration companies and she will be responsible for preparing
consolidated financial statements, MD&A and period-end board reporting packages for Alpha. Denitsa
holds a Bachelor of Business Administration (Accounting with Distinction) from Simon Fraser University
and received her CPA designation in 2019. Prior to joining Malaspina in 2019 Denitsa spent three years
working at a local mid-sized CPA firm.
Private Placement Financing
Alpha has previously announced that, after market close on September 13, 2022, it closed a tranche of
its previously announced non-brokered private placement of units in the capital of the Corporation
("
Units
") at a purchase price of $0.70 per Unit, for total aggregate gross proceeds of $1,710,409.40
(the "
Offering
"). The principal use of the proceeds of the Offering are for funding ongoing exploration
work on the Kerkasha Project in Eritrea, operating and administrative expenses, working capital and
general corporate purposes.
Each Unit is comprised of one ordinary share in the capital of the Corporation ("
Ordinary Share
") and
one full Ordinary Share purchase warrant ("
Warrant
"). The Warrants are subject to a warrant indenture
between the Corporation and Odyssey Trust Company (the "
Warrant Indenture
"). Each Warrant
entitles the holder to purchase one Ordinary Share for a period of 24 months following the closing date of
the Offering at an exercise price of $1.05, subject to the Warrant Indenture.
Insiders and management members of Alpha participated in the Offering and same had been disclosed
to the TSXV.
In connection with closing of the Offering, 943,428 Units were issued to certain Insiders of the
Corporation (as such term is defined under the policies of the TSX Venture Exchange). The participation
of the Insiders in the Offering constitutes 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 is relying 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 Offering, insofar as it involves the
related party, does not exceed 25% of the market capitalization of the Corporation. As of closing of the
Offering after market close on September 13, 2022, the Units subscribed for by such certain Insiders
accounted for approximately 1.62% of the issued and outstanding Ordinary Shares. The inclusions of the
Warrants granted to the Insiders does not significantly increase the percentage on a fully diluted basis
and does not exceed 25% of the market capitalization of the Corporation.
The Offering was approved by the Corporation's board of directors by means of a unanimous resolution.
The TSXV had granted the Corporation an extension of its original Price Reservation Date relating to the
Offering from September 16, 2022 to October 16, 2022. This extension has since expired.
The TSX Venture Exchange provided conditional acceptance of the Offering on August 19, 2022.
THE SECURITIES OFFERED HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES
ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES
ABSENT REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS.
THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THE
SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE
UNLAWFUL.
For more information concerning the Corporation, please refer to the Corporation's profile on the
SEDAR website at
www.sedar.com
.
About Alpha
Alpha is an exploration company listed on the TSX-V exchange under the symbol ALEX. The Company
is focused on the discovery of world class economic gold and base metals deposits in the highly
prospective Arabian-Nubian shield on either side of the Red Sea. Alpha is managed by a group of highly
experienced and successful professionals with many years of experience carrying out exploration and
resource development programs in Eritrea and Sudan.
Alpha holds a 100% interest in the large Kerkasha exploration license in Eritrea and since acquiring the
property in January 2018 has spent approximately $13 million on exploration and identified seventeen
prospects of which six have been drilled to date.
The Company has made three important discoveries on the license in the past two years:
Aburna orogenic gold
Tolegimja copper-zinc-gold volcanogenic-massive-sulphide (VMS)
Anagulu porphyry gold-copper
For further information go to the Alpha webpage at
www.alpha-exploration.com
or contact:
Michael Hopley
President and Chief Executive Officer
Alpha Exploration Ltd.
Email:
Tel: +44 207129 1148
Cautionary Notes
This press release is intended for distribution in Canada only and is not intended for
distribution to United States newswire services or dissemination in the United States.
Forward-Looking Statements
Certain statements and information herein, including all statements that are not historical facts,
contain forward-looking statements and forward-looking information within the meaning of applicable
securities laws. Such forward-looking statements or information include but are not limited to
statements or information with respect to: future dataset interpretations, sampling, plans for its projects
(including the Anagulu prospect), surveys related to Alpha's assets, and the Company's drilling
program. Often, but not always, forward-looking statements or information can be identified by the use
of words such as "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", may"
or "should" and the negative of these words or such variations thereon or comparable terminology are
intended to identify forward-looking statements and information. With respect to forward-looking
statements and information contained herein, Alpha has made numerous assumptions including
among other things, assumptions about general business and economic conditions and the price of
gold and other minerals. The foregoing list of assumptions is not exhaustive.
Although management of Alpha believes that the assumptions made and the expectations
represented by such statements or information are reasonable, there can be no assurance that
forward-looking statements or information herein will prove to be accurate. Forward-looking statements
and information by their nature are based on assumptions and involve known and unknown risks,
uncertainties and other factors which may cause actual results, performance or achievements, or
industry results, to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements or information. These factors include, but
are not limited to: risks relating to Alpha's financing efforts; risks associated with the business of Alpha
given its limited operating history; business and economic conditions in the mining industry generally;
the supply and demand for labour and other project inputs; changes in 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); risks related to the direct and indirect impact
of COVID-19 including, but not limited to, its impact on general economic conditions, the ability to
obtain financing as required, and causing potential delays to exploration activities; those factors
discussed under the heading "Risk Factors" in the Final Prospectus; and other risk factors as detailed
from time to time. Alpha does not undertake to update any forward-looking information, except in
accordance with applicable securities laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/145653