Offering has C$1 million greenshoe and will fund exploration, drilling
By Devika Patel
Knoxville, Tenn., Oct. 31 - Alexandria Minerals Corp. said it raised C$1.63 million in the first tranche of a C$2.5 million private placement of units. The deal has a C$1 million greenshoe and priced Oct. 30.
The company is selling Quebec flow-through units of one flow-through common share and a half-share warrant at C$0.125 per unit and National flow-through units of one flow-through common share and a half-share warrant at C$0.115 per unit.
Each whole warrant is exercisable at C$0.18 for 18 months. The strike price is an 80% premium to the Oct. 29 closing share price of C$0.10.
In the first tranche, the company sold 13,072,000 Quebec flow-through units.
The deal is being conducted by agents led by Laurentian Bank Securities Inc.
Proceeds will be used for exploration and drilling on the Cadillac Break property group in Val d'Or, Quebec.
Alexandria is a Toronto-based gold exploration and development company.
| Issuer: | Alexandria Minerals Corp.
|
| Issue: | Quebec flow-through units of one flow-through common share and a half-share warrant, National flow-through units of one flow-through common share and a half-share warrant
|
| Amount: | C$2.5 million
|
| Greenshoe: | C$1 million
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| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.18
|
| Agent: | Laurentian Bank Securities Inc. (lead)
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| Pricing date: | Oct. 30
|
| Settlement date: | Nov. 14 (for C$1,634,000)
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| Stock symbol: | TSX Venture: AZX
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| Stock price: | C$0.10 at close Oct. 29
|
| Market capitalization: | C$12.07 million
|
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| Quebec flow-through units
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| Price: | C$0.125
|
|
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| National flow-through units
|
| Price: | C$0.115
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