Offering raises proceeds for exploration, drilling, working capital
By Devika Patel
Knoxville, Tenn., Oct. 6 - Alexandria Minerals Corp. said it negotiated a C$3 million private placement of units. The deal will be conducted on a commercially reasonable-efforts basis by an agent syndicate led by Union Securities Ltd. and including Stonecap Securities Inc.
The company will sell flow-through units of one flow-through common share and one half-share warrant at C$0.14 per unit and units of one common share and one warrant at C$0.13 per unit.
Each whole warrant is exercisable at C$0.22 for one year. The strike price is a 100% premium to C$0.11, the Oct. 5 closing share price.
There is a 15% greenshoe.
Proceeds will be used for exploration and drilling on the company's Cadillac Break property group in Val d'Or, Quebec, and for general working capital.
Alexandria is a Toronto-based gold exploration and development company.
| Issuer: | Alexandria Minerals Corp.
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| Issue: | Flow-through units of one flow-through common share and one half-share warrant, units of one common share and one warrant
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| Amount: | C$3 million
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| Greenshoe: | 15%
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| Warrant strike price: | C$0.22
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| Warrant expiration: | One year
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| Agents: | Union Securities Ltd. (lead), Stonecap Securities Inc.
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| Pricing date: | Oct. 6
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| Stock symbol: | TSX Venture: AZX
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| Stock price: | C$0.12 at close Oct. 6
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| Market capitalization: | C$14.41 million
|
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|
| Flow-through units
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| Price: | C$0.14
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| Warrants: | One half-share warrant per unit
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| Units
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| Price: | C$0.13
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| Warrants: | One warrant per unit
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