Alpha Exploration Ltd. Announces Extension of Private Placement Financing
Alpha Exploration Ltd. Announces Extension
of Private Placement Financing
Calgary, Alberta--(Newsfile Corp. - January 2, 2024) -
Alpha Exploration Ltd. (TSXV: ALEX) (the
"Corporation" or "Alpha")
is pleased to announce that the TSX Venture Exchange (the "
Exchange
")
has agreed to extend the closing of the second tranche of its previously announced non-brokered private
placement of units in the capital of the Corporation ("
Units
") of up to $5,000,000.00 at a purchase price
of $0.70 per Unit (the "
Offering Price
"), for current total aggregate gross proceeds of $4,180,001.00
(the "
Offering
") until January 31, 2024. The first tranche of the Offering closed after market close on
December 7, 2023, as previously announced by the Corporation. 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.
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.
Further details relating to the closing of the second tranche of the Offering will be provided in due course.
For more information concerning the Corporation, please refer to the Corporation's profile on the
SEDAR website at
www.sedar.com
or at the Corporation's website at
https://alpha-exploration.com/
.
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 terms and conditions of the Offering; the closing date for
the Offering; and anticipated use of net proceeds from the Offering, including any advancement of
exploration work on the Kerkasha Project. 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; 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.
For more information, please contact:
Alpha Exploration Ltd.
Michael Hopley
President and Chief Executive Officer
Alpha Exploration Ltd.
Email:
Tel: +44 207129 1148
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.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any
failure to comply with this restriction may constitute a violation of U.S. Securities Laws.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/192922