Alexandria Minerals closes $2.575M financing led by Eric Sprott

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By CPE News

Toronto (pcJ News Briefs) – Alexandria Minerals Corporation (TSX-V: AZX; OTCQB: ALXDF; FSE: A9D) has closed previously announced non-brokered equity private placement of 42,916,666 units at $0.06 per unit for gross proceeds of $2,575,000.

Each unit consist of one common share and one common share purchase warrant entitling the holder, on exercise, to acquire one common share at an exercise price of $0.09 for a period of 24 months.

Eric Sprott, through 2176423 Ontario Ltd., acquired 33,333,333 units for total consideration of $1,999,999.80. Sprott is now the beneficial owner of 33,333,333 common shares and 33,333,333 warrants representing approximately 7.0% of the issued and outstanding common shares on a non-diluted basis and 13.0% on a partially diluted basis.

Alexandria Minerals intends to use proceeds for exploration on flagship Orenada gold project in Val d’Or, Quebec, as well as for general corporate purposes.

photo credit: Alexandria Minerals