|
10:51 AM EDT, 09/17/2021 (MT Newswires) -- ALX Resources Corp. (AL.V) on Friday reported a non-brokered private placement of flow-through units and non-flow-through units for gross proceeds of nearly $1.5 million. The company's stock dropped 4.3% on last look on Friday in Canada. The company said it will offer nearly 9.5 million FT units at $0.105 apiece consisting of one flow-through common share and one half of one non-flow-through common share purchase warrant, and up to 5.3 million NFT units will be offered at $0.095 per NFT unit consisting of one common share and one common share purchase warrant. Proceeds from the sale of FT units will be used for exploration programs on the company's Saskatchewan uranium and gold properties, and on its Ontario nickel and copper properties. The company will use the proceeds from the sale of NFT units for general working capital. Separately, the company said it has closed its transaction with First Mining Gold Corp. (FF.TO) for the Vixen Gold Project. ALX has received $250,000 in cash and 291,330 common shares of First Mining, which represent the first stage payments due to ALX under the terms of the Vixen option agreement. First Mining has the option to earn an initial 70% stake in Vixen by making cash payments totaling $550,000, the issuance of First Mining common shares totaling $400,000 to ALX, and by incurring at least $500,000 of expenditures at Vixen during the first three years of the option term. First Mining fell 1.5% on last look on Friday. Price: 0.11, Change: -0.01, Percent Change: -4.35 |