(TheNewswire)
Calgary, Alberta – TheNewswire - April 5, 2024 – Alpha Exploration Ltd. (the“Corporation” or “Alpha”) (TSXV:ALEX )further to the Company’s press releases dated November 15, 2023,December 8, 2023, January 2, 2024, February 7, 2024, March 1, 2024,and April 1, 2024 Alpha is pleased to announce that due to strong demand it has increased its previouslyannounced non-brokered private placement of units in the capital ofthe Corporation (“ Units ”) for proceeds up to $5,000,000 to$7,000,000 at a purchase price of $0.70 per Unit (the “ Offering Price ”),(the “ Offering ”) until April 15, 2024. The TSX Venture Exchange (the“ Exchange ”) has conditionally approved the upsize to the Offeringand agreed to extend the closing of Offeringuntil April 15, 2024 . The first tranche of theOffering closed after market close on December 7, 2023, for total aggregate gross proceeds of $4,180,001.00 as previously announced by the Corporation. The principal use of the proceeds of theOffering will be for funding ongoing exploration work on the KerkashaProject in Eritrea, operating and administrative expenses, workingcapital and general corporate purposes.
Certain Insiders of the Corporation (as such term isdefined under the policies of the TSXV) may participate in theOffering. The participation of Insiders in the Offering wouldconstitute a “related party transaction” within the meaning ofMultilateral Instrument 61-101 – Protection of Minority Security Holders inSpecial Transactions (“ MI 61-101 ”). TheCorporation intends on relying upon exemptions from the formalvaluation and minority approval requirements of MI 61-101 based on adetermination that the fair market value of the Offering, insofar asit involves the related parties, will not exceed $2,500,000.
Further details relating to the closing of the secondtranche of the Offering will be provided in due course.
For more information concerning the Corporation, pleaserefer to the Corporation’s profile on the SEDAR website atwww.sedar.com or at theCorporation’s website at https://alpha-exploration.com/ .
Forward-Looking Information
Certain statements and informationherein, including all statements that are not historical facts,contain forward-looking statements and forward-looking informationwithin the meaning of applicable securities laws. Such forward-lookingstatements or information include but are not limited to statements orinformation with respect to: the terms and conditions of the Offering;the closing date for the Offering; and anticipated use of net proceedsfrom the Offering, including any advancement of exploration work onthe Kerkasha Project. Often, but not always, forward-lookingstatements or information can be identified by the use of words suchas “estimate”, “project”, “belief”, “anticipate”,“intend”, “expect”, “plan”, “predict”, “may” or“should” and the negative of these words or such variationsthereon or comparable terminology are intended to identifyforward-looking statements and information. With respect to forward-looking statementsand information contained herein, Alpha has made numerous assumptionsincluding among other things, assumptions about general business andeconomic conditions and the price of gold and other minerals. Theforegoing list of assumptions is not exhaustive.
Although management of Alphabelieves that the assumptions made and the expectations represented bysuch statements or information are reasonable, there can be noassurance that forward-looking statements or information herein willprove to be accurate. Forward-looking statements and information bytheir nature are based on assumptions and involve known and unknownrisks, uncertainties and other factors which may cause actual results,performance or achievements, or industry results, to be materiallydifferent from any future results, performance or achievementsexpressed or implied by such forward-looking statements orinformation. These factors include, but are not limited to: risksrelating to Alpha’s financing efforts; risks associated with thebusiness of Alpha given its limited operating history; business andeconomic conditions in the mining industry generally; the supply anddemand for labour and other project inputs; changes in commodityprices; changes in interest and currency exchange rates; risksrelating to inaccurate geological and engineering assumptions(including with respect to the tonnage, grade and recoverability ofreserves and resources); risks relating to unanticipated operationaldifficulties (including failure of equipment or processes to operatein accordance with specifications or expectations, cost escalation,unavailability of materials and equipment, government action or delays in the receiptof government approvals, industrial disturbances or other job action,and unanticipated events related to health, safety and environmentalmatters); risks relating to adverse weather conditions; political riskand social unrest; changes in general economic conditions orconditions in the financial markets; changes in laws (includingregulations respecting mining concessions); the ability to obtainfinancing as required, and causing potential delays to explorationactivities; and other risk factors as detailed from time to time.Alpha does not undertake to update any forward-looking information,except in accordance with applicable securities laws.
For more information, pleasecontact:
Alpha Exploration Ltd.
Michael Hopley
President and Chief Executive Officer
Alpha Exploration Ltd.
Email: mhopley@alpha-exploration.com
Tel: +44 207129 1148
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange ) accept responsibility for the adequacy oraccuracy of the content of this release.
Not fordistribution to U.S. NewswireServices orfor dissemination in the United States. Any failure to comply withthis restriction may constitute a violation of U.S. Securities Laws .
THE SECURITIES OFFERED HAVE NOT BEENREGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND MAYNOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR ANEXEMPTION FROM THE REGISTRATION REQUIREMENTS. THIS PRESS RELEASE SHALLNOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUYNOR SHALL THERE BE ANY SALE OF THE SECURITIES IN ANY STATE IN WHICHSUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL.
Not fordistribution to U.S. NewswireServices orfor dissemination in the United States. Any failure to comply withthis restriction may constitute a violation of U.S. Securities Laws .
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