Toronto (pcJ News Briefs) – Alexandria Minerals Corporation (TSX-V: AZX; OTCQB: ALXDF; FSE: A9D) has announced a non-brokered equity private placement of up to 41,666,666 units at $0.06 per unit for gross proceeds of $2,500,000.
Eric Sprott (or his designated nominee) has agreed to subscribe $2 million units.
Each unit will be comprised of one common share and one common share purchase warrant. Each warrant will entitle the holder, on exercise, to acquire one common share at an exercise price of $0.09 for a period of 24 months.
Proceeds will be used for exploration on the company’s flagship Orenada gold project in Val d’Or, Quebec, as well as for general corporate purposes.
The financing is anticipated to close on April 10, 2017.
photo credit: Alexandria Minerals