Alpha Exploration (ALEX.V) has confirmed earlier this month it completed a C$4.74M private placement. An excellent achievement as the company initially announced a C$5M raise and the total amount of cash raised came in pretty close (unlike previous private placements where the total amount that was actually raised didn’t even come close to the eyed amount. As a reminder, this was a unit financing priced at C$0.70 per unit with each unit consisting of one common share and a full warrant allowing the warrant holder to acquire an additional share at C$1.05 for a period of two years after the closing date.
Raising C$4.7M (before paying the finders fees) is a solid move and this will enable the company to hit the ground running at Aburna where the 2022 drill program has outlined some very exciting targets. The additional exploration budget will provide additional clarity on the total size of the discovery (you can re-read our interpretation of the Aburna drill results here and here).
Disclosure: The author has no position in Alpha Exploration. Alpha is a sponsor of the website. Please read our disclaimer.
