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  • ALX Resources (AL) has announced a non-brokered private placement for up to $1.5 million
  • The company will offer up to 9,523,809 flow-through (FT) units at $0.105 per share and up to 5,263,157 non-flow-through (NFT) units at $0.095 per share
  • Proceeds from the financing will be used for exploration programs on ALX’s uranium and gold properties in Saskatchewan and on its nickel and copper properties in Ontario
  • ALX also announced that it has closed its transaction with First Mining Corp. for the Vixen Gold Project
  • Based in Vancouver, ALX Resources owns interests in a diverse portfolio of mineral properties and explores for nickel-copper-cobalt, uranium, and gold in Canada
  • ALX Resources (AL) is currently up 8.70 per cent, trading at $0.105 per share

ALX Resources (AL) has announced a non-brokered private placement for gross proceeds of up to $1.5 million.

The company will offer up to 9,523,809 flow-through (FT) units at $0.105 per share and up to 5,263,157 non-flow-through (NFT) units at $0.095 per share.

One whole common share purchase warrant from each of the FT and NFT units will entitle the holder to purchase one non-flow-through common share of the company at a price of $0.14 for two years after the closing date.

ALX has secured Red Cloud Securities of Toronto to act as a finder for the offering.

Red Cloud and other qualified finders will be eligible for finders fees consisting of 7.0 per cent cash and 7.0 per cent finder’s warrants, exercisable for $0.095 per share for two years after closing.

Proceeds from the financing will be used for exploration programs on ALX’s uranium and gold properties in Saskatchewan and on its nickel and copper properties in Ontario.

In addition to the private placement, ALX has announced that it has closed its transaction with First Mining Corp. for the Vixen Gold Project.

First Mining has the option to earn an initial 70 per cent interest in Vixen by making cash payments totalling $550,000, issuing common shares totalling $400,000 to ALX, and incurring at least $500,000 in expenditures.

Based in Vancouver, ALX Resources owns interests in a diverse portfolio of mineral properties and explores for nickel-copper-cobalt, uranium, and gold in Canada. The company also owns the Draco VMS Project in Norway.

ALX Resources (AL) is currently up 8.70 per cent, trading at $0.105 per share as of 12:48 pm ET.

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