DO NOT DISTRIBUTE TO US NEWSWIRE SERVICES OR FOR BROADCAST, PUBLICATION, DISTRIBUTION, OR BROADCAST USE, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR IN THE UNITED STATES. ALX Resources Corp. The unmediated private placement announced today of flow-through and non-flow-through units has been increased for gross proceeds of up to $ 3,000,000 …
NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR BROADCASTING, PUBLICATION, DISTRIBUTION OR BROADCASTING, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN THE UNITED STATES OR TO THE UNITED STATES.
ALX Resources Corp. (“ALX” or the “Company”) (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) is pleased to announce that due to strong demand, the Company’s non-brokered private placement has announced today the intermediate units (the “FT units”) and non-flow-through units (the “NFT units”) have been increased for gross proceeds of up to $ 3,000,000 (the “offering”). The placement will be available to Canadian and international accredited investors. Red Cloud Securities Inc. of Toronto, Ontario has agreed to act as ALX’s researcher for the placement.
Up to 13,333,333 FT units are offered at a price of $ 0.105 per FT unit composed of one flow-through common share and half a non-flow-through common share purchase warrant, and up to 16,842,105 NFT units are offered at a price of $ 0.095 per NFT unit consisting of one common share and one common share purchase warrant. A full warrant for common shares of FT units will allow its holder to purchase one non-flow-through common share of the Company at a price of $ 0.14 for a period expiring 24 months following the closing date of the offering. A common share purchase warrant of NFT units will allow its holder to purchase one non-flow-through common share of the Company at a price of $ 0.14 for a period expiring 24 months following the closing date of the offering.
Finder’s fees will be payable to Red Cloud and other qualified discoverers under the Offer, consisting of 7.0% in cash and 7.0% in warrants, each warrants exercisable. at a price of $ 0.095 for a period expiring 24 months after the closing date of the Offer. . All securities that may be issued will be subject to a four-month hold period from the closing date, which is expected to occur on or around October 8, 2021.
The proceeds from the sale of the FT units will be used for exploration programs on the Company’s uranium and gold properties in Saskatchewan, and on its nickel and copper properties in Ontario. The proceeds from the sale of NFT units will be used for general working capital.
ALX is based in Vancouver, BC, Canada and its common shares are listed on the TSX Venture Exchange under the symbol “AL”, on the Frankfurt Stock Exchange under the symbol “6LLN” and on the United States OTC market under the symbol “ALXEF”.
ALX’s mandate is to provide shareholders with multiple discovery opportunities by exploring a portfolio of promising mining properties, which include uranium, nickel-copper-cobalt and gold projects. The Company uses the latest exploration technologies and owns interests in over 200,000 hectares of potential land in Saskatchewan, a stable Canadian jurisdiction that is home to the world’s highest grade uranium mines, a producing gold mine and base metal mine production, both current and historic.
ALX owns interests in a number of uranium exploration properties in northern Saskatchewan, including a 20% interest in the Hook-Carter Uranium Project, located in the Patterson Lake uranium-rich corridor with Denison Mines Corp. (80% stake) in operation since 2016, a 40% stake in the Black Lake Uranium Project (a joint venture with UEX Corporation and Orano Canada Inc.), and 100% interest in the Gibbons Creek Uranium Project and the Saber Uranium Project.
ALX also owns 100% of the interests in the Firebird Nickel Project (now under option to Rio Tinto Exploration Canada Inc., which can acquire up to 80% interest), the Flying v Nickel / Gold and Gold Scepter projects, and can earn up to 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or may earn, up to 100% interest in the Electra Nickel Project and the Copper Project Cannon located in the historic mining districts of Ontario, Canada, the Vixen Gold Project (now under option at First Mining Gold Corp., which can earn up to 100% interest in two stages), and in the Draco VMS Project in Norway.
For more information about the company, please visit the ALX website at www.alxresources.com or contact Roger Leschuk, Director of Corporate Communications at: PH: 604.629.0293 or toll free: 866.629.8368, or by email: [email protected]
On behalf of the Board of Directors of ALX Resources Corp.
Warren Stanyer, CEO and Chairman
Statements contained in this document that are not purely historical are forward-looking statements, including any statement regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that the Company’s actual business and exploration results could differ materially from those shown in these forward-looking statements. Risks and uncertainties include economic, competitive, government, public health, environmental and technological factors that may affect the operations, markets, products and share price of the Company. Additional risk factors are discussed in the Company’s MD&A for the six-month period ended June 30, 2021, which is available under the Company’s SEDAR profile at www.sedar.com. Except as required by law, we will not update the risk factors in these forward-looking statements.
Neither the 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.
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