Alpha Exploration Ltd. Announces Closing of Private Placement Financing
Alpha Exploration Ltd. Announces Closing of
Private Placement Financing
Calgary, Alberta--(Newsfile Corp. - July 23, 2025) - Alpha Exploration Ltd. (TSXV: ALEX) ("
Alpha
" or
the "
Corporation
") is pleased to announce that, on July 15, 2025, it closed its previously announced
non-brokered private placement of units in the capital of the Corporation ("
Units
") of up to $6,000,000 at
a purchase price of $0.70 per Unit (the "
Offering
"). The total aggregate gross proceeds of raised under
the Offering was $3,196,000. The principal use of the proceeds of the Offering will be for funding
ongoing exploration work on the Kerkasha Project in Eritrea, operating and administrative expenses,
working capital and general corporate purposes. The Offering was originally announced and extended in
the press releases on March 21, 2025, and May 15, 2025.
Each Unit consists of one ordinary share of the Corporation (each, a "
Share
") and one-half of one Share
purchase warrant (each whole warrant, a "
Warrant
"). Each Warrant entitles the holder to acquire one
additional Share at a price of $1.05 for a period of 18 months following the closing date of the Offering.
The Shares and Warrants issued in connection with the Offering and the Shares underlying the Warrants
are subject to a statutory hold period of four months plus one day from the date of completion of the
Offering, in accordance with applicable securities legislation.
Certain Insiders of the Corporation (as such term is defined under the policies of the TSXV) may
participate in the Offering. The participation of Insiders in the Offering would 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 on 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 parties, will not exceed $2,500,000.
The TSX Venture Exchange (the "
Exchange
") provided conditional acceptance of the Offering on
March 25, 2025. Final acceptance of the Offering is subject to Exchange approval.
For more information concerning the Corporation, please refer to the Corporation's profile on the
SEDAR+ website at
www.sedarplus.ca
or at the Corporation's website at
https://alpha-exploration.com/
.
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 km
2
) Kerkasha Project in Eritrea.
The Corporation 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 Corporation 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 more information, please contact:
Alpha Exploration Ltd.
Tim Livesey
Interim CEO
Alpha Exploration Ltd.
Email:
Tel: +44 20 7129 1148
Cautionary Notes
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy
of the content of this release.
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.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in the United States. The securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "
U.S. Securities Act
") or any state securities laws and
may not be offered or sold within the United States or to U.S. persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from such registration is available.
Forward-Looking Information
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: the anticipated use of net proceeds from the Offering,
including any advancement of exploration work on the Kerkasha Project.; and Exchange approval.
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). 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/259801