Marketwire
TORONTO, ONTARIO--(Marketwired - Oct. 18, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) is pleased to announce that, subject to regulatory approval, it has increased the amount of the non-brokered private placement previously announced on September 10, 2013, from gross proceeds of $800,000 to gross proceeds of $1,026,442 consisting of an aggregate of 10,264,420 shares at a price of 10 cents per share.
The first tranche of the non-brokered private placement financing, as previously announced in the Company's News Release dated September 11, 2013, was completed on September 11, 2013, and consisted of 3,500,000 shares at a price of $0.10 per share for gross proceeds of $350,000. The second tranche is anticipated to close in October and, subject to regulatory approval, will be increased from 4,500,000 shares to 6,764,420 shares at a price of $0.10 per share for gross proceeds of up to $676,442. Upon closing of the second tranche, the Private Placement will result in the issuance of 10,264,420 shares at a price of 10 cents per share for gross proceeds of $1,026,442.
As previously announced in the Company's News Releases, the proceeds from the sale of the shares will be used for exploration on its Cadillac Break property group in Val d'Or, Québec. Focus will be on step-out drilling on its Akasaba gold-copper project on which it has had considerable success enlarging through drilling during the past 18 months.
The private placement announced in this news release is subject to certain conditions, including receipt by Alexandria of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued as part of the private placement will be subject to a hold period of four months from the date of closing.
Further information about the Company is available on the Company's website, www.azx.ca, or our social media sites listed below:
Facebook: https://www.facebook.com/AlexandriaMinerals
Twitter: https://twitter.com/azxmineralscorp
YouTube: http://www.youtube.com/AlexandriaMinerals
Flickr: http://www.flickr.com/alexandriaminerals
About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with one of the largest portfolio of properties along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec. Global gold resources are distributed between three projects on its Cadillac Break Property package, Akasaba, Sleepy, and Orenada, the details of which can be found on the Company's website at www.azx.ca. The Company is currently focused on advancing its Akasaba project. Agnico-Eagle Mines Ltd., with two producing gold mines in the region, owns roughly 10% of the Company.
WARNING: This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of up-coming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Alexandria Minerals Corporation relies upon litigation protection for 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.